Alps Industries EGM approves issue of shares and warrants

Alps Industries Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on June 08, 2007, have considered and approved the following matters unanimously:

1. Allotment of upto 20,00,000 Equity Shares and upto 40,00,000 Zero Coupon Convertible Warrants convertible into equity shares on preferential basis @ Rs 65/- per instrument (Rs 10/- towards face value and Rs 55/- towards share premium) aggregating to Rs 39.00 Crores, in favour of promoters, persons acting in concert and / or independent entities, subject to necessary compliance of SEBI Guidelines.

2. Enhancement of Borrowing Powers / Powers to Mortgage under section 293(1)(d) and 293(1)(a) of the Companies Act, from Rs 700.00 Crores to Rs 1000.00 Crores.

Source : Equity Bulls

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