Bennett Coleman & Company to pick stake in Mid-day Multimedia at Rs.60

Mid-day Multimedia Ltd has announced that the Board of Directors of the Company at its meeting held on December 11, 2006 has accorded their consent for the following:

1. To issue and allot on a Preferential basis 29,27,333 equity shares at a price of Rs 60/- per share to Ferari Investments and Trading Co Pvt Ltd, a Promoter Group Company.

2. To issue and allot on a Preferential basis 26,85,000 equity shares at a price of Rs 60/- per share to Banhem Financial & Investment Consultants Ltd, an affiliate of Bennett Coleman & Company Ltd (Times of India Group).

3. To issue 8,33,333 Share Warrants at a subscription price of Rs 6/- per warrant (10% of an Exercise Price of Rs 60/- per warrant) to Ferari Investments and Trading Co Pvt Ltd, a Promoter Group Company.

4. To issue 8,33,333 Convertible Preference Shares to Banhem Financial & Investment Consultants Ltd, an affiliate of Bennett Coleman & Company Ltd (Times of India Group) at a price of Rs 60/- per share.

5. To increase the number of options from 7,00,000 to 10,00,000 and modify the terms and conditions of the ESOP Scheme 2005 to that effect and issue further 3,00,000 shares to the Trust.

6. To call Extra Ordinary General Meeting on January 08, 2007 to obtain shareholders approval for the above.

Source : Equity Bulls

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