Lyka Labs to seek EGM approval for issue of warrants

Lyka Labs Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 28, 2006, inter alia, to transact the following:

1. To issue upto 13,00,000 Equity Share Warrants (the Warrant) to the Promoters/Promoter Group of the Company and their nominees, each Warrant entitling the holder thereof to apply for and be allotted one equity share of the Company, of Rs 10/- each, on payment of an exercise price of Rs 41.50 per share, in three stages viz., 3,75,000 Warrants to be converted into Equity Shares on or before March 31, 2007, 2,75,000 Warrants to be converted into Equity Shares on or before March 31, 2008, and 6,50,000 Warrants to be converted into Equity Shares on or before June 12, 2008, in accordance with the Guidelines on Preferential issues dated August 04, 1994, (the SEBI Guidelines) framed under the SEBI (Disclosure and Investor Protection) Guidelines, 2000, (as amended till date) and issued by SEBI, subject to necessary provisions & approvals.

2. To issue upto 1,50,000 Equity Share Warrants (the Warrants) to the Business Associates / Domestic Investors, each Warrant entitling the holder thereof to apply for and be allotted one equity share of Rs 10/- each of the Company on payment of an exercise price of Rs 41.50 per share during such period and in such manner and on such other terms as the Board may in its absolute discretion deem fit subject to the same being in accordance with the Guidelines on Preferential Issues framed under the SEBI (Disclosure and Investor Protection ) Guidelines, 2000, issued by SEBI, subject to necessary provisions & approvals.

Source : Equity Bulls

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