Visaka Industries EGM approves preferential issue

Visaka Industries Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on October 30, 2006, inter alia, have accorded authority to the Board to create, offer, issue and allot equity shares / fully convertible debentures / any securities other than warrants (with permissible Green Shoe Option, if any) of the face value of Rs 10 each, of an aggregate number not exceeding 40,00,000 equity shares of Rs 10 each out of the authorized share capital of the Company to Qualified Institutional Buyers in the manner and on the terms and conditions as the Board may in its absolute discretion decide and the shares be, issued at a price which is not less than the price in accordance with the Guidelines for Qualified Institutions Placement contained in Chapter XIIIA of the SEBI (Disclosure and Investor Protection) Guidelines 2000, subject to necessary provisions and approvals.

Source : Equity Bulls

Keywords