Spanco Telesystems EGM approves allotment of shares on preferential basis

Spanco Telesystems & Solutions Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 16, 2007, inter alia, have passed the following resolutions:

1. Authority to the Board to offer, issue and allot upto 30,81,326 fully paid up equity shares of Rs 10/- each of the Company, for cash, at a subscription price of Rs 214.91 per equity share (including share premium of Rs 204.91 per equity share) to Monet Ltd, on preferential basis, in terms of SEBI (DIP) Guidelines, 2000.

2. Authority to the Board to offer, issue and allot upto 10,94,123 fully paid up equity shares of Rs 10/ each of the Company, for cash, at a subscription price of Rs 214.91 per equity share (including share premium of Rs 204.91 per equity share) to UTI Investment Advisory Services Ltd A/c Ascent India Fund, on preferential basis, in terms of SEBI (DIP) Guidelines, 2000.

3. Authority to the Board to offer, issue and allot upto 15,00,000 convertible warrants carrying an option / entitlement to subscribe to equivalent number of fully paid-up equity shares of Rs 10/- each at a price of Rs 214.91 per equity share (inclusive of share premium of Rs 204.91 per equity shares) to Monet Ltd, on preferential basis, in terms of SEBI (DIP) Guidelines, 2000.

Source : Equity Bulls

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