Autolite India to issue shares, warrants on preferential basis

Autolite India Ltd has announced that the Board of Directors of the Company at its meeting held on July 14, 2007, has taken the following decisions were taken subject to approval of members at forthcoming Extra Ordinary General Meeting:

1. Authority to the Board of Directors of the Company for Issuance of 10,00,000 equity shares of Rs 45.60 each (face value of Rs 10/- each at a premium of Rs 35.60) on preferential basis to the Prospective Investors subject to the SEBI Guidelines.

2. Authority to the Board of Directors of the Company for Issuance of 24,50,000 Warrants Convertible into Equity Shares within 18 months at Rs 45.60 per Warrant Convertible into one Equity Shares of Rs 10/- each at a premium of Rs 35.60 per share on preferential basis to the Private Corporate Bodies falling under the promoters group subject to the SEBI Guidelines.

3. Approval of Notice of the Extra Ordinary General Meeting for obtaining approval of members by way of Special Resolution at the Extra Ordinary General Meeting to be held on August 09, 2007.

Source : Equity Bulls

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