Lyka Labs EGM approves preferential issue

Lyka Labs Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on July 20, 2007, inter alia, have accorded to the following:

1. Authority to the Board to offer, issue and allot, by way of preferential allotment upto 10,00,000 Equity Shares of Rs 10/- each of the Company for cash, at a price of Rs 43/- (Rs 10/- face value + Rs 33/- premium) per share to Business Associates, Domestic Body Corporates and other Domestic investors as the Board may in its absolute discretion deem fit subject to the same being in accordance with the guidelines on Preferential issues dated August 04, 2004 ("the SEBI Guidelines") framed under the SEBI (Disclosure and Investor Protection) Guidelines, 2000 (as amended till date) and issued by SEBI, subject to necessary provisions & approvals.

2. Authority to the Board to issue upto 3,00,000 Equity Share Warrants ("the Warrant(s)") to the Business Associates, Domestic Body Corporates and Other Domestic investors, each Warrant entitling the holder thereof to apply for and be allotted one Equity Share of Rs 10/- each of the Company on payment of an exercise price of Rs 43/- per share during such period and in such manner and on such other terms as the Board may in its absolute discretion deem fit subject to the same being in accordance with the Guidelines on Preferential Issues framed under the SEBI (Disclosure and Investor Protection) Guidelines, 2000, issued by the SEBI, subject to necessary provisions & approvals.

Source : Equity Bulls

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