Country Club EGM approves issue of warrants

Country Club India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 03, 2007, inter alia, have accorded to the following:

1. Authority to the Board to offer, issue, allot and deliver 16,00,000 convertible warrants on preferential basis in one or more tranches, convertible into 16,00,000 equity shares (one Equity Shares for one warrant issued) of the Company of the face value of Rs 10/- each to the following proposed allottees:

i. Y Rajeev Reddy - 12,00,000 (No of warrants to be allotted)

ii. Sonata Securities Pvt Ltd - 1,00,000 (No of warrants to be allotted)

iii. Crown Securities Pvt Ltd - 1,00,000 (No of warrants to be allotted)

iv. Rockstar Securities Pvt Ltd - 1,00,000 (No of warrants to be allotted)

v. Dimensional Properties Pvt Ltd - 1,00,000 (No of warrants to be allotted)

for cash which shall upon conversion rank pari-passu with the existing equity shares of the Company, in such form and manner and upon such terms and conditions as the Board may in its absolute discretion deem fit, at a price of Rs 405/- per warrant, which has been arrived at based on provisions of Clause 13.1.1 of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

2. Authority to the Board to raise a total amount upto Rs 500 Crores or upto such other maximum amount as may be allowed under the SEBI Guidelines and / or other applicable laws in one or more tranches in such form, on such terms and timing and in such manner as may be considered by the Board of Directors to the various eligible categories of investors through Qualified Institutional Placement Mechanism as provided in Chapter XIII-A of SEBI (DIP) Guidelines, 2000 and to offer, issue and allot fully paid-up Securities to Qualified Institutional Buyers (QIBs) only as defined in Clause 2.2.2 (B)(v) of SEBI (DIP) Guidelines, 2000 through a ‘Placement Document’.

Source : Equity Bulls

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