Sanwaria Agro to issue FCCBs / QIPs / GDRs for 25 million US$

Sanwaria Agro Oils Ltd has announced that the Board of Directors of the Company at its meeting held on November 17, 2006 has approved the proposal for issue of FCCBs / QIPs / GDRs (either singly or in any combination thereof) to the tune of 25 Million US$. This approval supercedes the earlier approval given by the Board of Directors of the Company, in its meeting held on August 08, 2006, for the proposal for issue of GDRs to the tune of 25 Million US$.

The Board of Directors of the Company, in the same meeting, has also decided to convene an Extra-ordinary General Meeting of the Shareholders of the Company on December 18, 2006 for obtaining the approval of the Shareholders for:-

- The proposal for issue of FCCBs / QIPs / GDRs (either singly or in any combination thereof) to the tune of 25 Million US$.

- Authorizing the Board of Directors of the Company, under Section 293 (1) (d) of the Companies Act, 1956, to borrow money from time to time for the purpose of the Company's Business up to a limit not exceeding in the aggregate Rs 250.00 Crores notwithstanding that the moneys to be so borrowed together with moneys already borrowed by the Company, if any (apart from temporary loans obtained from Company's bankers in the ordinary course of the business) may exceed the aggregate, for the time being, of the paid up capital of the Company and its free reserves, if any, that is to say, reserves not set apart for any specific purpose".

Source : Equity Bulls

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