Shasun Chemicals EGM approves issue of warrants at Rs.88

Shasun Chemicals & Drugs Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 20, 2006, inter alia, have accorded to the Board to offer, issue and allot up to 22,50,000 Warrants at a price of Rs 88/- each ("Warrants") on a preferential basis to the promoters / promoter group(s), directors, their relatives and their respective investment companies, employees in one or more tranches on such terms and conditions and in such manner as the Board may think fit, without offering the same to any other persons who at the date of offer are holders of the equity shares, each Warrant entitling the holder thereof to apply and be allotted one fully paid-up equity share of Rs 2/ - each, at any time not exceeding eighteen months from the date of allotment of the Warrants in accordance with the SEBI (DIP) Guidelines and other relevant authorities as may be applicable such that the total number of equity shares to be issued by the Company upon conversion of the Warrants do not exceed 22,50,000 equity shares of Rs 2/- each on such terms and conditions as may be decided and deemed appropriate by the Board of Directors of the Company ("Board") at the time of issue of allotment, subject to necessary provisions and approvals.

Source : Equity Bulls

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