Nuchem to offer 45,00,000 shares to promoters

Nuchem Ltd has announced that the Board of Directors of the Company at its meeting held on February 22, 2007, has approved a proposal to offer 45,00,000 equity shares of Rs 10/- each aggregating to Rs 450 lac by way of issue of warrants to the present promoters of the Company including their relatives, friends and associates as also the associated Companies. This is, however, subject to approval of shareholders of the Company in terms of provisions of Section 81(1-A) and other applicable provisions of the Companies Act, 1956 as also all other consents and permissions, that may be required under the Law, Regulations or Guidelines issued by SEBI.

The Board has decided to place the above matter before the shareholders of the Company at the forthcoming AGM scheduled to be held on March 29, 2007 and the relevant date for the purpose of pricing of the issue has been fixed on February 27, 2007.

Earlier dated December 28, 2006, the Board had informed that, the Board having approved the issue of 7,50,000 equity shares of Rs 10/- each aggregating to Rs 75 lac to the IFCI Ltd. This matter also is being taken up for shareholders’ approval at the forthcoming ACM on March 29, 2007 and in this case also the relevant date will fall on February 27, 2007.

Source : Equity Bulls

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