Marsons EGM approves allotment of warrants

Marsons Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 12, 2007 have accorded to the Board to offer, issue and allot upto 32,50,000 Convertible Equity Share Warrants, Series-"A"("Warrants") to promoters of the Company and its relatives / associates on preferential basis, each warrant entitling the holder thereof to apply for and be allotted one Equity Share of Rs 2/- each of the Company on payment of an exercise price of Rs 5.20 per share or such other higher price or prices as per applicable SEBI Guideline during such period and in such manner and on such other terms as the Board may in its absolute discretion deem fit subject to the same being in accordance with the guidelines on Preferential Issues, 2000 (as amended up to date) issued by the Securities and Exchange Board of India (SEBI), subject to necessary provisions & approvals.

Further resolved that, the currency of the Warrants be for a maximum period of 18 months or such earlier as may be decided by the Board of Directors from the date of their issue.

Source : Equity Bulls

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