Shyam Star EGM approves issue of warrants

Shyam Star Gems Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 15, 2007, inter alia, have authorize the Board to offer, issue and allot, in one or more trances upto 17,00,000 Convertible Equity Share Warrants to the following individuals:

a. Dayabhai Gagjibhai Jiwani, Mumbai - 325000 No. of Equity Share Warrants
b. Manubhai Gagjibhai Jivani, Gujarat - 325000 No. of Equity Share Warrants
c. Mathurbhai Gagjibhai Jivani, Gujarat - 325000 No. of Equity Share Warrants
d. Prabhubhai Popatbhai Dobaria, Gujarat - 725000 No. of Equity Share Warrants

The issue of Convertible Equity Share Warrants is subject to the following terms and conditions:-

a. The warrants shall carry a right to convert into Equity Shares at a price of Rs 20/- (including premium of Rs 10/- per share).

b. On allotment of Share Warrants an amount equivalent to at least 10% of the price of Rs 20/- is payable.

c. The amount paid on allotment of Warrants will be adjusted against the price payable subsequently for acquiring the shares by exercising the option.

d. Such conversion to be effected at anytime within a period of one year from the date of allotment.

e. The amount paid on allotment will be forfeited if the option to acquire shares is not exercised.

Source : Equity Bulls

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