Southern Online to issue shares on preferential basis

Southern Online Bio Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on August 26, 2008, inter alia, has increased the Borrowing Powers of the Company from Rs 100 crores to Rs 279 crores.

Preferential Issue: The Board has approved subject to approval of the Shareholders at the AGM, to raise an amount upto Rs 28.49 Crores by way of preferential issue of 25,00,000 Equity Shares and 85,00,000 warrants convertible into Equity shares to others, at a price of Rs 25.90/- per share / warrant (including premium of Rs 15.90/- per share / warrant).

Source : Equity Bulls

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