Mangalam Drugs to issue 750000 warrants on preferential basis

Mangalam Drugs & Organics Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2006 had considered and approved the proposal of issue of 750000 Warrants convertible into Equity Shares with in 18 months from the date of allotment to Mr. Ramniwas R Dhoot (Promoter Group) and 650000 equity shares to M/s. Poonawala Investments & Industries Pvt Ltd (Public Category) on preferential allotment subject to the approval of the Shareholders pursuant to Section 81(1A) of the Companies Act, 1956 and subject to SEBI(DIP) Guidelines as amended from time to time.

Further the Company has informed that, Board has also decided to convene Extra Ordinary General Meeting of the Company on November 29, 2006, for considering the preferential allotment of Equity shares and warrants.

Source : Equity Bulls

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