Genus Overseas to issue convertible warrants at Rs.199

Genus Overseas Electronics Ltd has announced that the Board of Directors of the Company at its meeting held on August 30, 2006, inter alia, has decided the following:

1. To issue 10,00,000 convertible warrants providing the holders the option to subscribe to one fully paid-up equity share of Rs 10/- each (aggregating to 10,00,000 equity shares) at a price of Rs 199/- per equity share to promoters group (including their associate) by way of preferential allotment subject to consent of members and SEBI guidelines.

2. To increase the borrowing power of the Company from Rs 200 crore to Rs 400 crore and authorize the Board of Directors to mortgage, hypothecate, charge and pledge the company’s current assets and the whole of all or any of the undertakings of the company to secure repayment of the borrowing of the Banks & other Institutions.

Source : Equity Bulls

Keywords