DCW to issue shares on preferential basis

DCW Ltd has announced that the Board of Directors of the Company at its meeting held on June 19, 2007, inter alia, has decided the following:

1. Subject to approval of shareholders in the forthcoming Annual General Meeting to issue equity shares of Rs 2 each of the Company at a premium of Rs 10 per share (fixed as per the Guidelines for preferential issues under SEBI (Disclosure and Investor Protection Guidelines 2000) to the following on Preferential basis.

a. Upto 1,25,00,000 Equity shares of Rs 2 each at a premium of Rs 10/- per share to Lotus Global Investments Ltd, Mauritius, a Foreign Institutional Investor.

b. Upto 1,25,00,000 Equity shares of Rs 2 each at a premium of Rs 10/- per share to Mavi Investments Fund Ltd, Mauritius, a Foreign Institutional Investor.

c. Upto 40,00,000 Equity shares of Rs 2 each at a premium of Rs 10/- per share to Sahu Brothers (Saurashtra) Pvt Ltd., a Company in the Promoter Group.

2. The earlier proposal of the Board as intimated earlier to issue 1,95,00,000/- warrants on a preferential basis to a Company in Promoter group has been dropped.

3. The Company"s proposal to issue GDRs as intimated earlier has been deferred.

To hold the Annual General Meeting of the Company on July 23, 2007 for approval of the annual accounts for the year ended March 31, 2007 and declaration of final dividend instead of September 29, 2007 as informed earlier.

Source : Equity Bulls

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