Rain Commodities to issue warrants at Rs.200

Rain Commodities Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the company held on November 16, 2006, inter alia, have approved the following:

1. Increase in the Authorised Share Capital of the Company from Rs 37 Crores to Rs 167 Crores.

2. Amendment to the Articles of Association.

3. Issue, offer and Allot upto 68,00,000 Equity Warrants convertible into Equity Shares at a price of Rs 200/- (Rs 10/- face value + Rs 190/- Premium) on Preferential basis to Focus India Brands Pvt Ltd, and

4. Issue of Securities under Qualified Institutions Placement (QIP) to Qualified Institutional buyers for an amount not exceeding Rs 340 Crores.

Source : Equity Bulls

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