Isibars Updates on CDR Scheme implementation

Isibars Ltd has announced that the preferential allotment pursuant to the Corporate Debt Restructuring (CDR) Scheme was considered at the Board Meeting held on February 15, 2007 in presence of the Nominee Director of IDBI and EXIM Bank and was unanimously approved. It was further decided to form a sub-committee of Directors to make/adopt the preferential allotment as laid before the Board Meeting, immediately upon the receipt of the awaited in-principle approval of the Stock Exchange, Mumbai.

Accordingly, having received the approval of the Stock Exchange, at the Committee Meeting held on March 08, 2007, the preferential allotments as per the CDR Scheme to the Promoters and Strategic Investors was adopted as follows:

Private Corporate Bodies (A):

a. Shaktimaan Steel Castings Pvt Ltd - 23,800,000.00 Shares (14.9%)
b. Suryanarayan Trade Pvt Ltd - 7,531,400.00 Shares (4.7%)

FIIs (B):

a. Mavi Investment Fund Ltd - 14,334,300.00 shares (9.0%)
b. Lotus Global Investment Fund Ltd - 14,334,300.00 shares (9.0%)

Promoter Allotees:

a. India Steel International Ltd - 72937500 shares (45.8%)
b. ISICOM Traders Pvt Ltd - 437500 shares (0.27%)
c. ISISTAR Exports Pvt Ltd - 437500 shares (0.27%)
d. ISIWORLD Steels Pvt Ltd - 437500 shares (0.27%)
e. Mr. H B Gupta - 400000 shares (0.25%)
f. Mr. A K Gupta - 100000 shares (0.06%)
g. Mrs. Rajrani Gupta - 150000 shares (0.62%)
h. Mr. Varun Gupta - 100000 shares (0.41%)

While confirming the allotments, the Committee noted that the allotment was long pending for procedural compliances being made, in due consideration of the collective decision making of the CDR forum.

Source : Equity Bulls

Keywords