Phillips Carbon to issue shares on preferential basis at Rs.66

Phillips Carbon Black Ltd has announced that the Board of Directors of the Company at its meeting held on September 13, 2006, inter alia, has resolved the following subject to the approval of the members at the General Meeting to be held on October 09, 2006.

1. Promoters, promoters group, their friends, relatives and associates be offered on a preferential basis upto 30,00,000 convertible warrants (Warrants) of the Company with an option to subscribe for one equity share of Rs 10 each at Rs 66 per share within 18 months of the issue of Warrants in accordance with the applicable SEBI guidelines.

2. Land Lease Company India Ltd be offered on a preferential basis upto 10,00,000 convertible warrants (Warrants) of the Company with an option to subscribe for one equity share of Rs 10 each at Rs 66 per share within 18 months of the issue of Warrants in accordance with the applicable SEBI guidelines.

3. Meenakshi Mercantile Ltd, Anjana Projects Ltd, Silvercross Marketing Pvt Ltd, Pathik Food Pvt Ltd and ICICI Bank Ltd be offered on a preferential basis upto 35,00,000 equity shares of Rs 1O each at Rs 66 per share in accordance with the applicable SEBI guidelines.

Source : Equity Bulls

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