Granules India seeks EGM approval for issue of 16,00,000 warrants on preferential basis

Granules India Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on February 17, 2007, inter alia, to create, offer, issue, allot and deliver in one or more trenches on a preferential basis not exceeding 16,00,000 warrants, each warrant convertible into one equity share of the Company, of the face value of Rs 10/- each, for cash, which upon conversion shall rank pari-passu in all respects 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 94.50/- per warrant, a price which is computed in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000, to the following persons who are part of the promoter group, subject to the necessary provisions & approvals:

a. C Uma Devi: 13,00,000 No of warrants
b. C Pragnya: 1,00,000 No of warrants
c. C Priyanka: 1,00,000 No of warrants
d. C Harsha: 1,00,000 No of warrants

Source : Equity Bulls

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