Rain Commodities increases Authorized Capital, issue 68,00,000 warrants

Rain Commodities Ltd has announced that the Board of Directors of the Company at its meeting held on October 20, 2006 has decided the following:

1. Increase the authorized share capital of the Company from Rs 37 crores to Rs 167 Crores.

2. Issue of 68,00,000 Equity Warrants convertible into Equity Shares to Focus India Brands Pvt Ltd (Promoter) at a price of Rs 200/- (Rs 10/- face value + Rs 190/- Premium).

3. Issue of Securities under Qualified Institutions Placement (QIP) for an amount not exceeding Rs 340 crores.

4. Convene an Extra-Ordinary General Meeting on November 16, 2006 for consideration of items specified at Point No. 1 to 3.

Further the Company has informed that, the Board of Directors further considered various options for Restructuring of the Company and were of the opinion that they need further examination.

Source : Equity Bulls

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