DMC Vaults Board approves allotment of shares at Rs.25

DMC Vaults Ltd has announced that the Board of Directors of the Company at its meeting held on November 27, 2006 has allotted 9,00,000 equity shares of Rs 5 each for cash at a premium of Rs 20 per equity shares fully paid-up on conversion of 9,00,000 Convertible Warrants of Series I.

In view of the fact that the Company needs funds to implement real estate projects in terms of the agreement with GTM Builders & Promoters Pvt Ltd to develop real estate projects, the Board has decided to prepone the conversion of 9,00,000 Convertible Warrants of Series II, in terms of the authority given by way of special resolution passed by the members of the Company approving the issue of Convertible Warrants. Accordingly, the Board of Directors of the Company has decided to request Series II warrant holders to give their consent for early conversion of Series II Convertible Warrants and expedite the payment against allotment of Shares.

The Board shall meet in near future on receiving the response from the Series II warrant holders.

Source : Equity Bulls

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