Techno Electric EGM approves preferential issue to raise funds

Techno Electric & Engineering Company Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on October 19, 2006, inter alia, have accorded to the Board to offer in such a manner and upon such terms and conditions as the Board may in its absolute discretions think fit, the following securities, on a preferential allotment basis, to (A) Citigroup Venture Capital International Growth Partnership Mauritius Ltd, a company incorporated in Mauritius (CVCIGPML), (B) Gautam Nayak and Keshav Bhujle (the Trustee), in their capacity as Trustees of the following trusts (i) Growth Partnership Ajay Relan Co-Investment Trust, (ii) Growth Partnership P R Srinivasan Co-Investment Trust, (iii) Growth Partnership Vinayak Shenvi Co-Investment Trust (iv) Growth Partnership J K Basu Co-Investment Trust, and (v) Growth Partnership Vivek Chhachhi Co-Investment Trust (together the Investors) and (C) Checons Ltd (the Promoters):

a. CVCIGPML:

(i) Upto 8,000,000 equity shares of the Company, at a price of Rs 70 /- per equity share (including a premium of Rs 68/- per equity share) in one or more tranches, and aggregating upto Rs 560,000,000/- (Equity Shares); and

(ii) Upto 8,00,000 warrants, exercisable in tranches and having a currency period of 18 months, and each warrant providing the holder with the option to subscribe to one fully paid-up equity share of the Company for every warrant (aggregating to up to 8,00,000 equity shares at a price of upto Rs 80/- per equity share, of which a sum of upto Rs 8/- per warrant would be payable at the time of allotment of the warrant (aggregating to upto Rs 6,400,000/- and an additional sum of upto Rs 72/- per warrant would be payable at the time of exercise of the warrant (Warrants);

b. The Trustees:

In respect of each of the following trusts: (i) Growth Partnership Ajay Relan co-Investment Trust (ii) Growth Partnership P R Srinivasan Co-Investment Trust (iii) Growth Partnership Vinayak Shenvi Co-Investment Trust (iv) Growth Partnership J K Basu Co-Investment Trust and (v) Growth Partnership Vivek Chhachhi Co-Investment Trust:

(i) Upto 8,00,000 Equity Shares, at a price of Rs 70/- per Equity Share (including a premium of Rs 68/- per Equity Share) in one or more tranches, and aggregating upto Rs 56,000,000/- and;

(ii) Upto 80,000 Warrants, exercisable in tranches and having a currency period of 18 months, and each Warrant providing the holder with the option to subscribe to one fully paid-up Equity Share for every Warrant (aggregating to up to 80,000 Equity Shares at a price of upto Rs 80/- per equity share, of which a sum of upto Rs 8/- per warrant would be payable at the time of allotment of the warrant (aggregating to upto Rs 640,000/- and an additional sum of upto Rs 72/- per warrant would be payable at the time of exercise of the warrant;

c. The Promoters:

In respect of Checons Ltd:

(i) Upto 8,00,000 Warrants, exercisable in tranches and having a currency period of 18 months, and each Warrant providing the holder with the option to subscribe to one fully paid-up Equity Share for every Warrant (aggregating to up to 8,00,000 Equity Shares at a price of upto Rs 80/- per equity share, of which a sum of upto Rs 8/-per warrant would be payable at the time of allotment of the warrant (aggregating to upto Rs 6,400,000/- and an additional sum of upto Rs 72/- per warrant would be payable at the time of exercise of the warrant;

but so that (i) the total number of shares and warrants issued to the Trustees in the aggregate do not exceed 8,00,000 equity shares and 80,000 warrants and (ii) the total number of shares and warrants issued to the Investors in the aggregate do not exceed 8,000,000 equity shares and 8,00,000 warrants whether or not the Investors are members of the Company.

Source : Equity Bulls

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