Granules India seeks EGM approval for preferential issue to Ridgeback Capital Investment LLC

Granules India Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on March 21, 2007, to offer, issue, allot and deliver in one or more tranches on a private placement and / or preferential allotment basis, upto 22,11,200 equity shares of the Company of the face value of Rs 10/- each fully paid-up, to Ridgeback Capital Investment LLC., or their affiliates, at a price of Rs 105.50 per share (including premium), being a price which is higher than the minimum price specified as per to SEBI (Disclosure and Investors Protection) Guidelines, 2000 ("SEBI DIP Guidelines"), and that the shares so issued shall rank pari passu in all respects with the existing equity shares of the Company, subject to necessary provisions & approvals.

Source : Equity Bulls

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