Vinay Cements to acquire 36,32,600 shares of RCL Cements Ltd

Vinay Cements Ltd has announced that the Board of Directors of the Company at its meeting held on January 31, 2007, inter alia, has approved the acquisition of 36,32,600 Equity shares of RCL Cements Ltd (RCL) of Rs 10/- each, a group Company, constituting 99.98% of the paid up equity share capital of the RCL @ Rs 85.75 per equity share, aggregating to Rs 31,14,95,450/- only from the shareholders of RCL, who are also forming part of the promoters group of the Company.

In lieu of the consideration, the Company has agreed to allot to them on preferential basis 88,99,870 equity shares of Rs 10/- each at an issue price of Rs 35/ per share (inclusive of premium of Rs 25/- per share) in compliance with the SEBI (DIP) Guidelines, 2000 on preferential issue and subsequent amendments thereto.

Pursuant to the aforesaid preferential allotment, the shareholding of the promoters / promoter group of the Company shall increase from 5265380 equity shares constituting 52.65% of the present equity share capital to 1,41,65,250 equity shares constituting 74.95% of the post preferential equity share capital of the Company.

Further the Company has informed that, the Board has convened an Extra Ordinary General Meeting of the shareholders of the Company pursuant to section 81(1A), 372A & other relevant provisions of the Companies Act & other rules & regulations, on March 02, 2007, for approval of the above.

Source : Equity Bulls

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