Axtel Industries seeks EGM approval for issue of shares

Axtel Industries Ltd has announced that an Extra-Ordinary General Meeting (EGM) of the members of the Company will be held on January 04, 2007 to offer 20,00,000 equity shares of Rs 10 each for cash at par aggregating to Rs 2 crores only or warrants [i.e. other financial instruments] which would be exchanged with 20,00,000 equity shares of Rs 10 each at par to the Directors, their relatives and their associates on the footing that such equity shares [including equity shares allotted in exchange of the aforesaid warrants] shall subject to the Memorandum and Articles of Association of the Company, rank pari passu in all respect with the existing shareholders of the Company except the new, equity shares will only be entitled to pro-rata dividend which may be declared or paid thereon from the date of allotment for the financial year in which the same are allotted, subject to necessary provisions and approvals.

Source : Equity Bulls

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