Garware Wall seeks EGM approval for ADR / GDR / Preferential issue

Garware Wall Ropes Ltd has announced that an Extra-Ordinary General Meeting (EGM) of the members of the Company will be held on December 16, 2006, inter alia, to transact the following:

1. Re-classification of the existing unissued 30,00,000 Redeemable Preference Shares of Rs 100/- each into 3,00,00,000 Equity Shares of Rs 10/- each by converting the unissued Redeemable Preference Shares into Equity Shares, and consequential amendments in the Memorandum and Articles of Association of the Company.

2. To issue / offer and allot, in the course of international offerings in one or more foreign markets, securities convertible into Equity Shares, including American Depository Receipt (ADR) / Global Depository Receipt (GDR) / Foreign Currency Convertible Bonds, at the option of the Company and / or holders of the securities and / or securities linked to Equity Shares, and / or any Instruments or securities representing Equity Shares, (Securities) to be subscribed in foreign currency(ies), for an amount not exceeding US Dollar 10 million (inclusive of such premium as may be determined by the Board), subject to necessary provisions and approvals.

3. To create, offer, issue and allot from time to time, in one or more tranches, by way of preferential allotment of upto 27,46,000 nos. of Convertible Warrants (the Warrants) at a premium of Rs 56.50 per Warrant, which Warrants shall be convertible within a period of 18 months from the date of issue / allotment of the Warrants (the Conversion period) into 27,46,000 fully paid-up Equity Shares (Converted Share/s) at a price of Rs 66.50 per share (the Conversion Price) comprising of a nominal value / face value of Rs 10/- per Converted Share and a premium of Rs 56.50 per share determined in accordance with the provisions of the DIP Guidelines to the proposed investors, subject to necessary provisions and approvals.

4. To create, offer, issue and allot from time to time, in one or more tranches, by way of preferential allotment of upto 9,98,000 Convertible Warrants (the Warrants) at a premium of Rs 56.50 per Warrant, which Warrants shall be convertible within a period of 18 months from the date of issue / allotment of the Warrants (the Conversion period) into 9,98,000 fully paid-up Equity Shares (Converted Share/s) at a price of Rs 66.50 per share (the Conversion Price) comprising of a nominal value / face value of Rs 10/- per Converted Share and a premium of Rs 56.50 Per share determined in accordance with the provisions of the DIP Guidelines to "GWRL-Managerial Staff Welfare Trust", subject to necessary provisions and approvals.

Source : Equity Bulls

Keywords