Greycells Entertainment to issue 43,00,000 shares

Greycells Entertainment Ltd has announced that the Board of Directors of the Company at its meeting held on December 07, 2006 has considered and approved, issue of 43,00,000 equity shares of the Company @ Rs 20/- per share (inclusive of a premium of Rs 10/- per share) on a preferential basis for cash to the following investors, subject to necessary approvals:

1. Kosmic Film Entertainment Company Pvt Ltd : 40,50,000 no of shares allotted

2. Uday Sinh Wala : 1,50,000 no of shares allotted

3. Rashmi Ranjan Kanungo : 1,00,000 no of shares allotted

Post the aforesaid preferential allotment of shares:

1. Mr Uday Sinh Wala & Ms Simeron Ghei shall cease to be Promoters of the Company.

2. Kosmic Film Entertainment Company Pvt Ltd (Kosmic) shall be the new promoter of the Company and shall hold 54.79% of the post issued paid up capital of the Company.

3. Mr. Uday Sinh Wala shall continues as the Company's Managing Director and shall spearhead its options.

Source : Equity Bulls

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