Rain Commodities EGM to approve increase in share capital, issue of warrants

Rain Commodities Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 16, 2006, inter alia, to transact the following:

1. Increase in the Authorised Share Capital of the Company from Rs 37,00,00,000 divided into 3,70,00,000 equity shares of Rs 10/- each to Rs 167,00,00,000 divided into 6,70,00,000 equity shares of Rs 10/- each and 1,00,00,000 Redeemable Preference Shares of Rs 100/- each and consequential amendments in the Memorandum & Articles of Association of the Company.

2. Alteration in the Articles of Association of the Company.

3. To issue, offer and allot not exceeding 68,00,000 equity share warrants on preferential basis, convertible into 68,00,000 equity shares of Rs 10/- each at a price of Rs 200/- per share (Rs 10/- face value + Rs 190/- premium) being the price value is in accordance with the SEBI guidelines for preferential basis to Focus India Brands Pvt Ltd.

4. To issue, offer and allot with or without an over allotment / green shoe option in one or more tranches equity shares or securities other than warrants which are convertible into or exchanges with equity shares or Preference Shares cumulative or non-cumulative which are convertible into or exchangeable with equity shares (Securities) to 'the Qualified Institutional Buyers' (QIBs) as defined under sub-clause (v) of clause 2.2.2B of the SEBI (DIP) Guidelines, for a aggregate, sum not exceeding Rs 340 Crores as the Board in its sole discretion may at any time or times hereafter decide (including the issue and allotment of equity shares pursuant to an over allotment/green shoe option, if any).

Source : Equity Bulls

Keywords