Sat Investeck to allot 22,00,000 equity shares

Sat Investeck Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 12, 2006, inter alia, to transact the following:

1. To offer and, if the offer be accepted, issue and allot 22,00,000 equity shares of Rs 2/- each at a premium of Rs 9/- per share, being the price higher than the price with respect to the Relevant date i.e. November 12, 2006 being the date 30 days prior to the date of this Extra Ordinary General Meeting as prescribed under Guidelines for Preferential Issues contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (including any amendment or re-enactment thereof), on each share for cash consideration of an aggregate amount of Rs 2,42,00,000/- to the Promoter (Sat Invest Pvt Ltd - 22,00,000 no of equity shares), subject to necessary provisions and approvals.

2. To create, offer and allot, 44,00,000 Warrants of Rs 11/- each (the Warrants) with a right attached thereto entitling the holder of the Warrants to apply for and subscribe within such time as may be fixed by the Board in one or more tranches, not exceeding 18 months from the date of allotment of warrants against payment in cash to one fully paid up Equity Share of Rs 2/- each in the Share Capital of the Company in lieu of one warrant, to Sat Invest Pvt Ltd - Promoter, provided that the price of the Equity Shares to be issued pursuant to the warrants shall not be less than Rs 11/- (including Rs 9/- premium) per Equity Share of Rs 2/- each being the price higher with respect to the Relevant Date being the date 30 days prior to the date of this Extra Ordinary General Meeting i.e. November 12, 2006 as prescribed under Guidelines for Preferential Issues contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (including any amendment or re-enactment thereof) and the aggregate par value of the Equity Shares so issued shall not exceed Rs 88,00,000/-, subject to necessary provisions and approvals.

Source : Equity Bulls

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