Regaliaa Realty to issue warrants

Regaliaa Realty Ltd has announced that the Board of Directors of the Company at its meeting held on March 05, 2007, has transacted the following business:

1. Approved issue of convertible warrants on preferential basis to the following, subject to necessary approvals of the members and other applicable statutory authorities, in one or more trenches at the price as per SEBI guidelines. The details of the proposed preferential issue are as follows:

a. 4,50,000 Warrants to Mr. D Sudhakara Reddy - Promoter Director
b. 2,25,000 Warrants to Mrs. D Usha Reddy - Promoter
c. 3,15,000 Warrants to Mr. Devendra K Shah - Non-Promoter

Each of the Warrant is convertible into one equity share of the Company of nominal value of Rs 10/- each at a price of Rs 24.50 which includes a premium of Rs 14.50 per share. The warrants shall be convertible into equity shares at any time within 18 months from the date of allotment.

2. Further, the Promoters have decided to convene an Extraordinary General Meeting of the members of the Company on April 04, 2007, to obtain the approval of the members for the above purpose and all incidental matters thereto.

3. Decided to go ahead with the delisting of shares from Madras Stock Exchange and the same will be included as an item on the Agenda of the Extraordinary General Meeting of the Company to be convened on April 04, 2007.

Source : Equity Bulls

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