Madhya Desh Papers EGM approves issue of warrants

Madhya Desh Papers Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on April 02, 2007, have unanimously passed the resolution for the offer, issue and allotment of Warrants convertible into Equity Shares, on a preferential basis, the Company do offer, issue and allot upto 15,00,000 Optionally Convertible Warrants ("Warrants") as under:

Name of the proposed allottees:

1. Anubhavdarshan Buildcon Pvt Ltd - 325000 No of shares proposed to be allotted
2. Poojadarshan Buildcon Pvt Ltd - 325000 No of shares proposed to be allotted
3. Adivaibhav Infrastructures Pvt Ltd - 325000 No of shares proposed to be allotted
4. Jagdamba Buildcon Pvt Ltd - 325000 No of shares proposed to be allotted
5. Rahul Mehta - 165000 No of shares proposed to be allotted
6. Sheetal Mehta - 35000 No of shares proposed to be allotted

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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