Moschip Semiconductor AGM approves issue of warrants to promoters

Moschip Semiconductor Technology Ltd has announced that the members at the 7th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the authority to the Board to create, offer, issue, allot and deliver in one or more tranches to:

i. Mr. Achal Ghai
ii. Madhu Mohan Katikieni
iii. Mr. K Ramachandra Reddy
iv. Mr. C Dayakar Reddy &
v. Mrs. Sandhya Reddy,

16,50,000 number of warrants where each warrant is convertible into one Equity share of the face value of Rs 10/- each, at a price of Rs 31/- per share, (including premium of Rs 21/-) resulting in the aggregate after conversion, exercise of rights attached to those instruments, not exceeding 16,50,000 equity shares of the Company subject to provisions and approvals.

Source : Equity Bulls

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