Fedders Lloyd to raise Rs.300 Crores, to issue shares on conversion of warrants

Fedders Lloyd Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on October 16, 2006, inter alia, has considered & approved the following items, subject to the requisite approvals.

1. Raising of funds through issue of securities such as GDRs and/or ADRs and/or FCCBs and /QIBs or any other appropriate securities/instruments upto an aggregate amount of Rs 300/- Crores from time to time.

2. Constitution of Committee of Board of Directors for the aforesaid issue of securities.

3. Convening of an Extra Ordinary General Meeting of the Company on November 15, 2006 for seeking necessary approval of the shareholders.

4. Allotment of 10,000,000 Equity Shares of Rs 10/- each at a premium of Rs 20/- per share to Promoter/ Non-promoter consequent to the conversion of 10,000,000 warrants issued on preferential basis on May 07, 2006.

Consequent upon such allotment, the paid up capital of the Company stands increased to 30769700 equity shares of Rs 10/- each fully paid up.

5. Considered and discussed the matter relating to the establishment of Wholly Owned Subsidiary in UAE for investing in the properties for the development of township, construction of residential and commercial purposes.

Source : Equity Bulls

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