Shilpa Medicare to issue securities, warrants at Rs.400

Shilpa Medicare Ltd has announced that the Board of Directors of the Company at its meeting held on December 23, 2006, has approved the proposal to offer, place, issue and allot FCCBs / GDRs / ADRs or any Other Convertible Securities or in combination thereof upto US$ 15 Million or equivalent INR to eligible investors including Foreign Institutions, Non-Resident Indians, Body Corporates, Banks, Venture Capital Funds, Mutual Funds and Pension Funds, Trusts, Individuals, Financial Institutions, and Insurance Companies subject to the approval of members of the Company in the General Meeting and other statutory approvals / permissions as required.

The Board also decided to issue 1,50,000 Share Warrants to the Promoters / Person Acting in Concert. Each warrant will be converted to one equity share of Rs 10/- at a premium of Rs 390/- with in 18 months from the date of allotment.

In this regard the Board authorised the Managing Director Mr Vishnukanth Bhutada to call for an Extra-Ordinary General Meeting for obtaining the approval of members of the Company for above-said proposals and issue Notice thereto as required under the Companies Act, 1956 and other applicable laws.

Source : Equity Bulls

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