Batliboi to issue shares to QIBs

Batliboi Ltd has announced that the Board of Directors of the Company at its meeting held on January 04, 2008, has approved the alteration of Authorised Share Capital by re—classification of 9,57,520 Preference Shares of Rs 100/- each into 1,91,50,400 Equity Shares of Rs 5/- each.

To Issue Equity Shares through a Qualified Institutions Placement to Qualified Institutional Buyers for a sum not exceeding Rs 100 Crores, pursuant to the Guidelines issued by the Securities and Exchange Board of India dated May 8, 2006, for "Qualified Institutions Placement" under Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, ("QIP Guidelines").

The pricing of the Equity Shares proposed to be issued will be determined in accordance with QIP Guidelines considering the date thirty days prior to the date of the shareholders meeting as the Relevant Date.

Further the Company has informed that, to give effect to the above Resolutions, the Board of Directors has resolved to convene an Extraordinary General Meeting of the Shareholders of the Company on February 02, 2008.

Source : Equity Bulls

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