Walchandnagar Industries EGM to approve issue of warrants

Walchandnagar Industries Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 23, 2006, inter alia, to transact the following:

1. To avail of the professional services of Mr A U Rijhsinghani, Director of the Company, from time to time, as an Advisor/Consultant to the Company on payment of remuneration.

2. To offer, issue and allot for cash consideration on preferential basis upto 8,00,000 warrants convertible into equity shares of the Company within 18 months from the date of allotment at a price of Rs 634, aggregating to Rs 50.72 Crores to the following promoters, including persons acting in concert, convertible into 1 Equity share of Rs 10 each fully paid up at the price of Rs 634, including premium of Rs 624 determined as per the SEBI Guidelines on preferential issue, subject to necessary provisions & approvals.

Name of Allottee:

(a) Kamdhenu Commercials Pvt Ltd - 3,00,000 No. of warrants to be allotted
(b) Rodin Holdings Inc. - 3,00,000 No. of warrants to be allotted
(c) Olsson Holdings Inc - 2,00,000 No. of warrants to be allotted.

Source : Equity Bulls

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