Asian Oilfield to issue 3,00,000 warrants at Rs.20.50

Asian Oilfield Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 30, 2006, inter alia, has decided the following:

1. Issue of 3,00,000 Warrants at a price of Rs 20.50 per Warrant to Nimit Finance Pvt Ltd (a promoter group entity) and 12,70,000 warrants and 16,50,000 equity shares at a price of Rs 20.50 per fully paid Equity Share / Warrant to M/s. Consolidated Securities Ltd., a non promoter strategic investor. Each warrants is carrying a right to subscribe to equal number of Equity Shares in the Company to be converted within a period of 18 months in cash by way of Preferential Allotment in terms of Section 81(1A) of the Companies Act, 1956 and as per the Guidelines for Preferential Issue issued by SEBI under SEBI DIP Guidelines.

2. To call an Extra Ordinary General Meeting on December 29, 2006, inter alia, to consider and approve Preferential Allotment of Equity Shares / Warrants as above.

3. The proposed investment is subject to all necessary corporate, regulatory and shareholders approval.

Source : Equity Bulls

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