Core Projects to issue 450000 warrants

Core Projects & Technologies Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on February 27, 2008, have approved the issue of 4,50,000 warrants to "TGS Investment & Trade Pvt Ltd" the Private Equity Arm of the A V Birla Group on preferential basis as per the SEBI Guidelines at an issue price of Rs 305/- to be exercised / exchangeable with 4,50,000 Equity Shares of Rs 2/- each at a premium of Rs 303/- per share. This will constitute approximately 0.54% of the present paid-up capital.

"This initial strategic investment by the A V Birla Group provides confidence in Core Projects' business model and its dominant presence in the Education Domain globally" said Mr. Sanjeev Mansotra, Chairman & Managing Director, Core Projects. Mr. Bharat Banka the CEO of the private equity business of the A V Birla Group, has been already appointed as one of Directors on the Board of the Company last month.

Source : Equity Bulls

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