Aro Granite to allot 3,69,000 warrants

Aro Granite Industries Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 08, 2006, inter alia, have accorded to the following:

1. Alteration in Article of Association of the Company by inserting new Article after the existing Article 5 as Article 5A.

2. Authority to the Board to create, offer, issue and allot in one or more tranches and upon such terms and conditions as may be deemed appropriate by the Board, by way of preferential allotment not more than 3,69,000 warrants of Rs 120/- each, convertible, at the option of the warrants holder(s) within an aggregate time period of 18 months from the date of allotment of the warrants into 3,69,000 Equity Shares of Rs 10/- each, at a premium of Rs 110/- per share, as determined in accordance with the relevant SEBI guidelines, to the Promoter Group (i.e. Sunil K Arora : 3,69,000 warrants)on a preferential basis, subject to necessary approvals and provisions.

Source : Equity Bulls

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