IOL Chemicals allots securities at Rs.42

IOL Chemicals & Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on June 23, 2007, inter alia, has approved the following:

1. Allotment of 15,00,000 Equity Shares to M/s. Mayadevi Polycot Ltd (Promoter) and 11,00,000 Equity Shares to M/s. Chamunda Traders Pvt Ltd (Strategic investor) face value of Rs 10/- each at the Price of Rs 42/- per share on Preferential basis.

2. Re-appointment of Sh. Varinder Gupta as Managing Director of the Company.

3. Issue of Securities to Qualified Institutional Buyers (QIBs) in accordance with the provisions of Chapter XIII A of SEBI (DIP) Guidelines,2000 for an amount not exceeding Rs 50 crores.

4. Raising of sources through issue of securities in the international market upto United State Dollars 10 Millions.

Source : Equity Bulls

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