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Radha Madhav Corporation EGM approves preferential issue
Posted On : 2006-10-31 07:50:53( TIMEZONE : IST )
Radha Madhav Corporation Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on October 17, 2006, inter alia, have passed the following special resolutions:
1. Authority to the Board to offer, issue and allot 10,00,000 Convertible Unsecured Debentures of Rs 100 each aggregating Rs 10 Crores carrying 10% interest per annum for cash on a preferential basis in one or more tranches and on such terms and conditions as may be deemed appointee by the Board, to India Star (Mauritius) Ltd, Convertible into fully paid-up Equity share of the Company of face value of Rs 10 per Equity share ("shares") at a subscription price of Rs 40/- per Equity shares (inclusive of premium of Rs 30/- per Equity Share, at a price not less than the price calculated as per SEBI DIP Guidelines on the relevant date September 16, 2006, being the date 30 days prior to the date of passing of this Resolution.
The Unsecured Debentures shall be convertible in one or more tranches within 18 months from the date of issue of the said Unsecured Debentures, but such that allottee does nor increase acquisition by more than 5% of Equity Share Capital in any financial year as per Guidelines issued by SEBI from time to time, subject to necessary provisions & approvals.
2. Authority to the Board of Directors to offer, issue and allot, up to 1,00,000 warrants to HKB Shares and Stockbroking Pvt Ltd of the Company of face value of Rs 10 per warrant, each warrant providing the holder the option to subscribe to one fully paid-up Equity Share for every warrant (aggregating to up to 1,00,000 Equity Shares at a subscription price of Rs 40/- per equity share (inclusive of premium of Rs 30/- per Equity Share, a price not less than the price calculated as per SEBI DIP Guidelines on the relevant date September 16, 2006, being the date 30 days prior to the date of passing of this Resolution, of this 10% would be payable at the time of allotment of the warrants and 90% would be payable on or before the exercise of the warrants, to HKB Shares and Stockbroking Pvt Ltd.
The Warrants shall be exercisable in one or more tranches within 18 months from the date of issue of the said warrants but such that allottee does not increase acquisition by more than 3 of Equity Share Capital in any financial year as per Guidelines issued by SEBI from time to time, subject to necessary provisions & approvals.
