Accentia Technologies to issue GDRs, warrants

Accentia Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on July 18, 2007, inter alia, has transacted the following:

1. The Board of Directors ratified the Company's plans for GDR issuance at USD 4.5 per share. London based merchant bankers M/s. Athena Capital Partners LLP have been asked to proceed further with the GDR formalities.

2. The Board has discussed the USD 3 M target acquisition Company's due diligence carried by M/s. Stewart & Associates Inc, USA and the Company has asked its legal solicitors M/s. Jaffe & Falk LLC, USA to structure the final legal agreement for finalization of the acquisition.

3. The Board has taken decision to issue on preferential basis 4,00,000 equity shares and 2,00,000 warrants to Ravi K Sheth & Bharat K Sheth, of Great Eastern Shipping Group, Mumbai and also issue 4,00,000 warrants to promoters. The pricing for the same will be as SEBI approved preferential pricing norms.

4. The Board also decided to call for an EGM of Shareholders on August 11, 2007.

The stock was trading at Rs.160.25, up by Rs.7.60 or 4.98%. The stock hit an intraday high of Rs.160.25 and low of Rs.156.20. The total traded quantity was 180160 compared to 2 week average of 85777.

Source : Equity Bulls

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