Liberty Phosphate calls for EGM to aprove preferential issue

Liberty Phosphate Ltd has announced that an Extra-Ordinary General Meeting (EGM) of the members of the Company will be held on November 18, 2006, inter alia, to transact the following:

1. Reduction of the Authorized Share Capital of the Company from Rs15,00,00,000/- consisting of 1,50,00,000 equity shares of Rs 10/- each to Rs 10,00,00,000/- divided into 1,00,00,000 equity shares of Rs 10/- each by canceling 50,00,000 equity shares of Rs 10/- each, remaining un-issued and which have not been taken or agreed to be taken by any person and consequential amendments in the Articles and Memorandum of Association of the Company.

2. To offer and, if the offer be accepted, issue and allot 20,00,000 equity shares of Rs 10/- each at a premium of Rs 15/- per share, being the price higher than the price with respect to the Relevant Date i.e. October 19, 2006 being the date 30 days prior to the date of this Extra Ordinary General Meeting as prescribed under Guidelines for Preferential Issues contained in chapter XIII of the Securities and Exchange Board Of India (Disclosure and Investor Protection), Guidelines, 2000 (including any amendment or re-enactment thereof) on each share for cash consideration of an aggregate amount of Rs 5,00,00,000/- on such amended terms as may be considered necessary by the Board of Directors of the Company and permitted by the appropriate authorities or may be permissible under any guidelines issued by any authority to the following persons (Indians and NRIs):

Promoters:

i. Mr Raoof Razak Dhanani - 100000 no of equity shares
ii. Mrs Anisha R Dhanani - 330000 no of equity shares
iii. Miss Sumera Raoof Dhanani - 250000 no of equity shares
iv. Miss Saba Raoof Dhanani - 150000 no of equity shares
v. Miss Sadiya Raoof Dhanani - 150000 no of equity shares

Others:

i. Mr Siraj Rahimtulla (NRI) - 200000 no of equity shares
ii. Mr Ramiz Fanal Mohamed Darvesh - 250000 no of equity shares
iii. Mr Mohammed Ahmed Gulmohammed Darvesh - 250000 no of equity shares
iv. Mrs Akilah Quadri - 160000 no of equity shares
v. Mrs Sadiqua Banu Mannan - 160000 no of equity shares

3. To offer, issue and allot 50,00,000 nos. of 8% Cumulative Redeemable Preference Shares (Preference Shares) of Rs 10/- each aggregating to Rs 500 Lakhs in cash at par from time to time, in one or more tranches by way of private placement or preferential allotment or otherwise to individuals including non-resident Indian / Institution /corporate bodies or other as may be permitted by law and as may be appropriate by the Board on following terms and conditions as the Board may, in its discretion, think fit including form and terms of issue etc., and matters connected therewith.

Source : Equity Bulls

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