Organic Coatings seeks EGM approval for issue of shares, warrants

Organic Coatings Ltd has announced that the Board of Directors of the Company at its meeting held on October 13, 2008 have resolved to convene an Extra Ordinary General Meeting of the Shareholders of the Company on November 10, 2008 to transact the special business to consider Preferential issue of 7,00,000 Equity Shares of the face value of Rs 10/- each for a price of Rs 14/- each and 10,00,000 Share Warrants of Rs 14/- each with entitlement to apply for 10,00,000 Equity Shares of face value of Rs 10/- each at a price of Rs 14/- each in lieu of the Share Warrants at a price of Rs 14/- each within 18 months of the allotment thereof under -Section 81(1A) of the Companies Act, 1956 and guidelines for Preferential Issues contained in the SEBI (Disclosure and Investor Protection) Guidelines 2000 to the following proposed subscriber:

1. Name of the proposed subscribers : Mr. Dhaval Nanavati (Individual)
- No of Equity Shares : 3,50,000
- No of Share Warrants : 5,00,000

2. Name of the proposed subscribers : Mr. Vimal Mehra (Individual)
- No of Equity Shares : 3,50,000
- No of Share Warrants : 5,00,000.

Source : Equity Bulls

Keywords