Citigroup Venture Capital to acquire 28,68,805 shares of Ansal Properties

Ansal Properties & Infrastructure Ltd has announced that the Board of Directors of the Company at its meeting held on October 20, 2006, has approved the following, subject to approval of shareholders and / or any other approval/s may be required:

1 (a) Issue of securities to the extent of Rs 2500 crores, which is an enabling resolution.

(b) Issue and allotment of 819659 nos. of Zero Coupon Secured Redeemable Optionally Convertible Debentures (ROCD) of Rs 100/- each, of the Company for cash, to M/s. HDFC Ventures Trustee Company Ltd at a price of Rs 610.01/- per ROCD (i.e. at a premium of Rs 510.01/- per ROCD), aggregating to Rs 50 crores, on preferential basis, in pursuance to the provisions of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

(c). Issue and allotment of 28,68,805 nos. of Equity Shares of Rs 5/- each, of the Company for cash, to M/s. CBC Bahrain and/or Citigroup Venture Capital International Growth Partnership Mauritius Ltd and up to 14,344 Equity Shares of Rs 5/- each to certain co-invest Trusts, at a price of Rs 610.01/- per Equity Share (i.e. at a premium of Rs 605.01/- per Equity Share) both aggregating up to Rs 175.875 crores, on preferential basis, in pursuance to the provisions of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

2. The Board has also approved convening of an Extra Ordinary General Meeting of the Company on November 18, 2006, for the aforesaid matters.

3. The Board has taken note of Cancellation of 846,600 Equity Shares of the Company as held by Ansal Township & Projects Ltd (ATPL) in the Company and allotted 158,47,500 Equity Shares of Rs 5/- each, fully paid up, to the shareholders of ATPL, pursuant to the Amalgamation of ATPL with the Company, as per the Order of Hon'ble High Court of Delhi dated August 31, 2006.

Source : Equity Bulls

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