Liberty Phosphate to issue shares on preferential basis

Liberty Phosphate Ltd has announced that the Board of Directors of the Company at its meeting held on October 18, 2006, has decided the followings to be put for approval of shareholders:

1. Cancellation of 50 Lac Equity Shares of Rs 10/- each and creation of 50 Lac 8% Cumulative Preference Shares of Rs 10/- each.

2. To issue and allot on preferential allotment 20 Lac Equity Shares of Rs 10/- each and a premium of Rs 15/- per share for cash consideration of an aggregate amount of Rs 5 Crore.

3. To issue and allot on private placement or preferential allotment 50 Lac 8% Cumulative Redeemable Preference Shares of Rs 10/- each at par for cash consideration aggregating to Rs 5 Crore.

4. To take the approval of shareholders in respect of above matters, it has been decided to call Extra Ordinary General Meeting on November 18, 2006.

Source : Equity Bulls

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