Sahara Housingfina Updates on Issue of Rights Shares

Sahara Housingfina Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on November 15, 2006 has approved to issue and offer up to 70 Lac Equity Shares of Rs 10/- each for cash at such premium as may be decided in consultation with the Merchant Bankers to aggregate a sum not exceeding Rs 30 Cr on Rights Basis in the ratio of 1:1, i.e. one Equity Share of Rs 10/- each for every one Equity Share held of Rs 10/- each, to the existing Equity Shareholders of the Company whose names appear in the Register of Members of the Company as on such date, being "The Record Date" in this behalf to be fixed by the Board.

The issue of above referred 70 Lac Equity Shares of Rs 10/- each shall be made subject to following conditions:

(i) The payment against the Equity Shares shall be made in full.

(ii) The Equity Shares offered to the Equity Shareholders of the Company on Right Basis shall also carry the rights exercisable by the shareholders concerned to renounce the Equity Shares so offered to them in whole or in part in favour of any other person(s), provided such renunciation is made on or before the closure of the Rights offer.

(iii) The Existing Equity Shareholders as also the renouncees are entitled to apply for additional Equity Shares provided that the shareholders who have renounced their right in full or in part will not be entitled to apply for additional Equity Shares.

(iv) The issue of Equity Shares in favour of Non-Resident Indian Shareholders shall be subject to the approval of the Reserve Bank and FEMA, 1999.

(v) The Board shall be entitled to vary, modify or alter any of the terms and conditions as it may deem fit and expedient in the interest of the Company.

(vi) Unsubscribed portion, if any, shall be disposed off in such manner as the Board may deem fit and proper at its absolute discretion.

Source : Equity Bulls

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