International Hometex to issue shares and warrants

International Hometex Ltd has announced that the Board of Directors of the Company at its meeting held on November 07, 2006, has approved the following:

1. Increase in Authorised Share Capital and corresponding changes in the Memorandum and Articles of Association.

2. Issue, on a preferential basis, in one or more trenches, the following:

a) Upto 80,00,000 Equity Shares of Rs 10/- each to the Promoters and/ or other Specified investors at a price to be determined in accordance with SEBI Guidelines for Preferential Issues considering the date thirty days prior to the date of the shareholders meeting as the Relevant Date. The Equity Shares proposed to be issued shall be subject to a lock-in as prescribed by SEBI guidelines for preferential issues.

b) Upto 26,00,000 Equity Share Warrant to the Promoters and/ or other Specified Investors carrying an entitlement to apply for equivalent number of Equity Shares of Rs 10/- each, at a price to be determined in accordance with SEBI Guidelines for Preferential Issues considering the date thirty days prior to the date of the shareholders meeting as the Relevant Date.

The preferential issue of Equity Shares shall be subject to necessary approvals of the shareholders of the Company and any other regulatory authorities, if required.

Source : Equity Bulls

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