Premier EGM approves increase in authorized share capital, to issue warrants at Rs.38.58

Premier Ltd has announced that the shareholders at the Extraordinary General Meeting (EGM) of the Company held on February 22, 2007, have unanimously approved the following.

1. Increase in Authorized Share Capital of the Company from Rs 30 crores divided into 3,00,00,000 equity shares of Rs 10/- each to Rs 31 crores divided into 3,10,00,000 equity shares of Rs 10/- each.

2. Alteration of Memorandum of Association of the Company in respect of increase in Authorized Share Capital as stated above.

3. Alteration of Articles of Association of the Company in respect of increase in Authorized Share Capital as stated above.

4. Issue of 43,26,000 convertible warrants at a price of Rs 38.58 or such other price as may be approved by the authorities to M/s. Modena Investment and Trading Co. Pvt. Ltd., one of the promoters of the Company. The said warrants are convertible into equivalent number of equity shares of Rs 10/- each at a premium within 18 months from the date of allotment.

Source : Equity Bulls

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