Kamla Dials seeks EGM approval for preferential, rights issue

Kamla Dials & Devices Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on February 12, 2007, inter alia, to transact the following:

1. To issue, offer and allot from time to time in one or more tranches through preferential allotment routes upto 10,40,000 equity shares of Rs 10/- each at a price of Rs 57/- per share based on relevant date i.e. January 13, 2007 as prescribed under Guidelines for Preferential Issues as contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines (including any amendment thereto or enactment thereof) and all other terms and conditions and matters connected therewith to the following Bodies Corporate, Individuals and others, and to accept any modifications in the proposal as may be required by the authorities / parties involved in such issues but subject to such conditions as the Reserve Bank of India, Securities and Exchange Board of India or such other appropriate authorities may impose at the time of according / granting their approvals, consent, permissions and sanctions and as agreed to by the Board, subject to necessary provisions & approvals.

a. Mr. Yashovardhan Saboo (Promoter) : 1,25,114 shares (No of Shares)
b. Mrs. Anuradha Saboo (Promoter) : 25,066 (No of Shares)
c. Mr. Jaivardhan Saboo (Promoter) : 1,66,811 (No of Shares)
d. Mr. Pranav Shankar Saboo (Promoter) : 12,658 (No of Shares)
e. Ms. Satvika Saboo (Promoter) : 9116 (No of Shares)
f. M/s. Yashovardhan Saboo (HUF) (Promoter) : 1,236 (No of Shares)
g. N/s. Reliance Capital Asset Management Ltd - A/c Reliance PMS (Non-Promoter): 6,00,000 (No of Shares)
i. M/s. Mangalam Portfolios Pvt Ltd (Non-Promoter) : 50,000 (No of Shares)
j. M/s. Amba Agro Industries Pvt Ltd (Non-Promoter) : 50,000 (No of Shares)

2. To offer, issue and allot upto 4,60,000 Zero Coupon Convertible Warrants at a price of Rs 57/- each (Warrants) based on relevant date, i.e. January 13, 2007 as prescribed under Guidelines for Preferential Issues as contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protector Guidelines (including any amendment thereto or enactment thereof) and all other terms and conditions an matters connected therewith on a preferential basis in one or more tranches on such terms and condition and in such manner as the Board may think fit, without offering the same to any other persons who at date of offer are holders of the equity shares; each Warrant entitling the holder thereof to apply and be allotted one fully paid-up equity share of Rs 10/- each, at any time not exceeding eighteen months from the data of allotment of the Warrants in accordance with the SEBI (DIP) Guidelines and other relevant authorities may be applicable such that the to number of equity shares to be issued by the Company upon conversion of the Warrants do not exceed 4,60,000 equity shares of Rs 10/- each on such terms and conditions as ma be decided and deemed appropriate by the Board of Directors of the Company (Board) at the time of issue of allotment to the following promoters & associates, subject to necessary provisions & approvals.

a. Mr. Yashovardhan Saboo (Promoter) : 1,69,271 No of Warrants
b. Mrs. Anuradha Saboo (Promoter) : 33,912 No of Warrants
c. Mr. Jaivardhan Saboo (Promoter) : 2,25,685 No of Warrants
d. Mr. Pranav Shankar Saboo (Promoter) : 17,126 No of Warrants
e. Ms. Satvika Saboo (Promoter) : 12,334 No of Warrants
f. M/s. Yashovardhan Saboo (HUF) (Promoter) : 1,672 No of Warrants

3. To issue, offer and allot upto 14,70,000 equity shares of Rs 10/- each at a price not exceeding Rs 45/- per share to the existing Equity Shareholders in the Share Capital of the Company in the proportion of 1:5 (One Equity Share for every existing five Equity Shares held) on a record date to be fixed by the Board and at a price as may be decided by the Board in consultation with the merchant bankers and other market intermediaries but not exceeding Rs 45/-, subject to necessary provisions & approvals.

Source : Equity Bulls

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