West Coast Board considers Stock Split

West Coast Paper Mills Ltd has announced that the Board of Directors of the Company at its meeting held on July 26, 2007, inter-alia, has approved and recommended the following for approval of the members at the Extra Ordinary General Meeting of the Company to be convened on August 25, 2007.

1. To allot up to 1176470 warrants at a price not being less than Rs 425/- per warrant amounting to Rs 50 Crores to the entities in the Promoter Group of the Company (known as "SK Bangur Group"), which will entitle them to subscribe for equity shares of the face value of Rs 10/- each at a price of not less than Rs 425/- per share (including premium of Rs 415/- per share) against each warrant. An amount, as may be decided by the Board of Directors, not being less than 10% of the share price i.e., not being less than Rs 42.50/- per warrant shall be payable upon subscription of the warrants.

The holder of the warrant will have an option to apply for and be allotted one equity share of the Company per warrant at any time before the expiry of 18 months from the date of allotment in one or more tranches.

The issue and pricing of warrants on preferential allotment basis is Rs 425 per share as against Rs 410 per share in terms of the guidelines for Preferential Issue contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000, including any statutory modification or re-enactment thereof for the time being in force.

2. Issue, offer and allot in one or more tranches equity shares, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds(FCCBs) or any security convertible into equity shares upto Rs 150 Crores to various categories of domestic and / or foreign investors, etc., through Public Issue, Preferential Issue and / or private placement, Qualified Institutions Placement(QIP), etc.

3. Sub-division of the equity shares of the Company, of the face value of Rs 10/- each to face value of Rs 2/- each.

Source : Equity Bulls

Keywords