Lakeland Hotels to issue shares, warrants

Lakeland Hotels Ltd has announced that the Board of Directors of the Company at its meeting held on December 26, 2006, has passed resolution unanimously to call for and convene Extra Ordinary General Meeting of the members of the Company on January 25, 2007 to obtain consent / approval of the members for:

1. Increase in the authorized share capital of the Company from Rs 12,00,00,000/- to Rs 25,00,00,000/-.

2. For preferential issue of 60,00,000 share warrants, at a issue price to be determined in accordance with the relevant SEBI Guidelines, convertible into equity shares at the option of warrant holders, within 18 months from date of allotment of the warrants, at one Equity Share of Rs 10 each fully paid-up for each Warrant, for allotment to persons other than promoters and for allotment to promoters of the Company.

3. Re-issue of 9,69,000 forfeited shares of the Company, on preferential basis to persons other than promoters of the Company.

Source : Equity Bulls

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