Borosil Glass EGM approves issue of warrants

Borosil Glass Works Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 04, 2007, inter alia, have approved the Special Resolution authorising the Board of Directors of the Company to offer, issue and allot Warrants carrying rights to Equity Shares in the Company:

1. Number of Warrants to be issued - 534850 @ Rs 276.50 each to the promoter Companies

2. Terms thereof - (a) Warrant holder shall have right to subscribe equal number of equity shares of nominal value of Rs 10/- each at a premium of Rs 266.50

(b) The shares so allotted shall rank pari passu with the existing equity shares of the Company.

(c) The said warrants and the resultant shares shall be locked-in for a period of 3 years from the date of issue of the said warrants.

(d) An amount equivalent to 10% of the fixed price to be paid with application and balance 90% at the time of exercise of right.

(e) The said Warrants shall have no voting or dividend rights attached to them.

3. Time within which the right to be exercised - The right shall be exercised within a period of 18 months from the date of allotment of Warrants in one or more tranches, subject to compliance with SEBI (SAST) Regulations.

Source : Equity Bulls

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