HEG approves preferential issue of warrants

HEG Ltd has announced that the Board of Directors of the Company at its meeting held on February 07, 2008, inter alia, has approved Preferential Issue of 60,00,000 Warrants of Rs 365/- each aggregating to Rs 2,19,00,00,000/— (Rupees Two Hundred Nineteen Crores Only) with option of conversion of each Warrant into One Equity Share of Rs 10/- each within a period of 18 months from the date of issue and allotment to Promoters, Directors and Persons acting in concert, which includes Associates, Relatives and Friends of such Promoters and Directors.

3,40,000 Warrants of Rs 365/- each aggregating to Rs 12,41,00,000/- (Rupees Twelve Crores Forty One Lacs only) with option of conversion of each Warrant into One Equity Share of Rs 10/- each within a period of 18 months from the date of issue and allotment to Employees of the Company, Group Companies and Associates Companies.

The above are subject to approval of the Shareholders in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 for Preferential Issues as in force and subject to regulatory approvals if any.

Further the Company has informed that, the Extra Ordinary General Meeting for approval of the members for above matter is fixed for March 03, 2008.

Source : Equity Bulls

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