Euro Gold Jewellery to allot Preference Shares

Euro Gold Jewellery Ltd has announced that the Board of Directors of the Company at its meeting held on December 02, 2009, inter alia, has decided to allot 6% Non Convertible Preference Shares to Strategic Investors. Earlier the Company had decided to issue 49,13,000 Warrants / Equity Shares to the strategic investors. Because of the changes in the provisions of SEBI regarding the preferential allotment, it is decided to allot the Preference Shares in the Company. For this necessary approval has been taken from the respective strategic Investor.

The Board approved reclassification of the Existing Authorized Capital of the Company to Issue preference shares to the strategic investors it is needed to reclassify the existing Authorised Capital of the Company into 1,00,000 equity Shares of Rs. 10/- each and 49,00,000 6% Non Convertible Preference Shares of Rs. 10/- each.

To take the shareholders approval for the aforesaid proposals an EGM is decided to be convened on December 30, 2009. The Notice of the EGM is also been approved by the Board.

Source : Equity Bulls

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