BSEL Infrastructure to issue warrants on preferential basis at Rs.77

BSEL Infrastructure Realty Ltd has announced that the Board of Directors of the Company at its meeting held on May 10, 2007, inter alia, has taken the following decisions:

1. The Authorised Share Capital of the Company be increased from Rs 75.00 Crores to Rs 150.00 Crores by creation of 7,50,00,000 Equity Shares of Rs 10/- each.

2. To issue 59,00,000 equity shares warrants on preferential basis in accordance with Chapter XIII of the SEBI (DIP) Guidelines, 2000, with each warrant convertible into one equity share of the Company of nominal value of Rs 10/- each at a price of Rs 77/- per share which includes a premium of Rs 67/- per share to the promoters of the Company, on such terms and conditions, as the Board may deem appropriate in its absolute discretion.

3. Reappointment of Mr. Dharmendra Raichura as Managing Director of the Company.

4. To convene an Extra Ordinary General Meeting of the Shareholders on June 06, 2007 for approval of above.

Source : Equity Bulls

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