Veto Switchgears and Cables Ltd approves Preferential Issue Of Convertible Warrants

The Board of Directors of Veto Switchgears and Cables Ltd, at its meeting held today, have approved preferential offer & issue of up to 45,00,000 (Forty Five Lacs) convertible warrants convertible into an equivalent number of Equity Shares of face value Rs. 10/- each to Mr. Akshay Kumar Gurnani, & Mr. Mohan Das Gurnani; both belonging to its promoter group.

The proceeds of the preferential issue will be used for augmenting long term working capital, CAPEX for LED Factory, meeting Preferential Issue Expenses and other corporate general purpose.Offer & issue of these warrants would be in accordance with Chapter VII of SEBI(ICDR) Regulations 2009.

For seeking shareholder's approval, to aforesaid issuance of warrants, Board has convened an Extraordinary General Meeting of its Shareholders on Wednesday, 31st May, 2017.

Source : Equity Bulls

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