CHD Developers yet to receive approval for preferential issue

CHD Developers Ltd has announced that a meeting of the Board of Directors of the Company was held on June 13, 2009 to issue / allot 1,56,60,000 Convertible Preferential Warrants to Non Promoters under Section 81 (1A) of the Companies Act, 1956 at Rs 4.65 per Warrant, Convertible into equivalent no of fully paid up equity shares of the Company of Rs 2/- each at a premium of Rs 2.65 per share on Preferential basis.

As in this regard the Company was expecting to receive In-Principle Approval from the regulatory authority to issue / allot such warrants but till now the Company have not received such approval from regulatory authority, therefore board is not able to allot such warrants in this board meeting and Board will issue / allot such warrants after receiving necessary approvals from the regulatory authority.

Source : Equity Bulls

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