Walchandnagar Industries to issue 8,00,000 warrants at Rs.634

Walchandnagar Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 24, 2006, inter alia, has taken the following decisions:

1. Subject to approval of members in the Extra Ordinary General Meeting, to issue 8,00,000/- warrants with an option to apply for equity shares to Promoters / Persons acting in concert with the Promoters of the Company on preferential basis at a price of Rs 634/- per warrant, which will entitle the holder to subscribe for one equity share of the face value of Rs 10/-, at a price of Rs 634/- (including a premium of Rs 624/-) per equity share of the Company against each warrant aggregating to Rs 50.72 Crores as per the Guidelines for Preferential Issues contained in Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000.

2. To convene an Extra Ordinary General Meeting of the shareholders on November 23, 2006 for seeking approval u/s 81(1A) of the Companies Act, 1956 and under the SEBI (Disclosure and Investor Protection) Guidelines, 2000 by way of Special Resolution for the above said purpose.

Source : Equity Bulls

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