IOL Chemicals EGM approves preferential issue

IOL Chemicals & Pharmaceuticals Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 09, 2010, have approved the fundraising proposal by way of passing the ordinary / special resolutions unanimously.

The EGM approved increase in the Authorised Share Capital of the Company from Rs. 30 crores to Rs. 35 crores & consequent amendment in the Memorandum and Articles of Association of the Company.

The members approved issue of 15,00,000 (Fifteen lac) equity shares of face value of Rs. 10/- each at a premium of Rs. 46/- per share aggregating to Rs. 8,40,00,000 (Rupees eight crore forty lac only) to NM Merchantiles Ltd., Promoters / Promoters Companies.

The members also approve issue of 30,00,000 (Thirty lac) warrants, carrying the option to the holders of such warrants to subscribe to one equity share of face value of Rs. 10/- at premium of Rs. 46/- per share for every warrant held, within a period of 18 months from the date of allotment of the warrants, to 10,00,000 (ten lac) warrants to NM Merchantiles Ltd, 10,00,000 (ten lac) warrants to NCG Enterprises Ltd and 10,00,000 (ten lac) warrants to IOL Lifesciences Ltd on preferential basis in accordance with the applicable laws.

The stock was trading at Rs.56.25, up by Rs.0.80 or 1.44%. The stock hit an intraday high of Rs.57.15 and low of Rs.55.

The total traded quantity was 119382 compared to 2 week average of 89900.

Source : Equity Bulls

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