Heritage Foods to issue shares, warrants

Heritage Foods India Ltd has announced that the Board of Directors of the Company at its meeting held on January 04, 2008, has approved the following:

1. To discontinue with the proposal of Qualified Institutional Placement pursuant to Chapter XIIIA of SEBI (Disclosure and Investor Protection) Guidelines, 2000, which was approved by the members at their meeting held on November 28, 2007.

2. Issue of 8,00,000 Warrants, each warrant convertible into equity share of the face value of Rs 10 each to Mr. N Lokesh (Promoter) at price of Rs 315/- per warrant pursuant to Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

3. Issue of 10,00,000 equity shares of the face value of Rs 10/- each for cash at a premium of Rs 340/- per share, which shall rank pari-passu in all respects with the existing equity shares of the Company, to M/s. Kotak India Focus Fund of M/s. Kotak Mahendra (UK) Ltd on preferential basis in accordance with the terms of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

4. To convene the Extraordinary General Meeting of the Members of the Company on January 29, 2008 for the purpose of obtaining the approval of the Members of the Company.

Source : Equity Bulls

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