Pioneer Embroideries Board to consider allotment of warrants

Pioneer Embroideries Ltd has announced that pursuant to the member’s resolution passed at the 14th Annual General Meeting of the Company held on December 29, 2006, a meeting of Board of Directors will be held on January 11, 2007, inter alia, to consider the allotment of:

1. 18,00,000 Share Warrants to Promoter - Pioneer E-Com Fashions Ltd;

2. 10,00,000 Share Warrants to Persons other than Promoters - Jaldhar Agencies Pvt Ltd;

3. 8,50,000 Share Warrants to Persons other than Promoters - M2K Infrastructure Pvt Ltd; and

4. 8,50,000 Share Warrants to Persons other than Promoters - M2K Entertainment Pvt Ltd.

The above Share Warrants shall be issued at a price of Rs 102/- per Share Warrant and at least 10% of the price fixed at which the Share Warrants shall be issued become payable on the date of their allotment.

Further, the Share Warrants proposed to be allotted shall not be listed on any Stock Exchange. However, the Equity Shares arising out of conversion of Share Warrants, at later date, in one or more tranches, will be listed on the Stock Exchange(s).

Source : Equity Bulls

Keywords