Madhya Desh Papers seeks EGM approval for issue of warrants

Madhya Desh Papers Ltd an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 02, 2007, inter alia, to transact the following business:

1. To increase the Authorised Share Capital of the Company from Rs 7,80,00,000/- divided into 78,00,000 Equity Shares of Rs 10/- each to Rs 8,70,00,000/- divided into 87,00,000 Equity Shares of Rs 10/- each by creation of an additional 9,00,000 Equity Shares of Rs 10/- each and consequential amendments in the Memorandum and Articles of Association of the Company.

2. To offer, issue and allot upto 15,00,000 Optionally Convertible Warrants ("Warrants") convertible into Equity Shares, on a preferential basis, subject to necessary provisons and approvals, as under:

(a) Anubhavdarshan Buildcon Pvt Ltd: 3,25 000 No of Warrants
(b) Poojadarshan Buildcon Pvt Ltd: 3,25 000 No of Warrant
(c) Adivaibhav Infrastructures Pvt Ltd: 3,25 000 No of Warrants
(d) Jagdamba Buildcon Pvt Ltd: 3,25,000 No of Warrants
(e) Rahul Mehta: 1,65,000 No of Warrants
(f) Sheetal Mehta: 35,000 No of Warrants

Further each Warrant being convertible, at the option of the Warrant holder, within a period of 18 months from the date of allotment, into one Equity Share of Rs 10/- each for cash at an exercise price of Rs 22/- per equity share, with Rs 2.20 payable upfront for each Warrant at the time of allotment of the Warrant and adjustable against the final exercise price and to issue and allot Equity Shares resultant from the exercise of the Warrants.

Source : Equity Bulls

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