Confidence Petroleum calls for EGM to issue warrants

Confidence Petroleum India Ltd has announced that an Extra-Ordinary General Meeting (EGM) of the members of the Company will be held on November 06, 2006, inter alia, to transact the following:

1. To create, offer, issue and allot up to 5,00,00,000 Warrants of Rs 1/- per warrant, on a preferential basis to Strategic Investors / Others, with a right to subscribe to equal number of equity shares on conversion within a period of 18 months from the date of allotment of warrants of nominal value of Re 1/- each fully paid up at a price of Re 1/- per warrant, which price is calculated in accordance with the Guidelines for Preferential Issue, issued by SEBI so that the total number of equity shares to be issued by the Company upon conversion of the Warrants do not exceed 5,00,00,000 equity shares of Re 1/- each, subject to necessary provisions and approvals.

2. Increase in the Authorised Share Capital of the Company from Rs 6,00,00,000/- (divided into 6,00,00,000 equity shares of Re 1/- each) to Rs 21,00,00,000/- (divided into 21,00,00,000 equity shares of Re 1/-) and consequential amendments in the Memorandum and Articles of Association of the Company.

Source : Equity Bulls

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