Millars India to seek EGM approval for issue of warrants

Millars India Ltd has announced that the Board of Directors of the Company at its meeting held on December 02, 2006 has considered and recommended for the consideration of the shareholders at Extra Ordinary General Meeting to be held on January 02, 2007 the following:

1. Issue of Equity Shares and Warrants on a preferential basis to the following:

a. Name : Skyline Vision Pvt Ltd, Mumbai
Nos. of fully paid up equity shares to be issued - 117000
Nos. of Warrants to be issued - 4,50,000

b. Name : Dave Builders Pvt Ltd, Mumbai
Nos. of fully paid up equity shares to be issued - 117000
Nos. of Warrants to be issued - 4,50,000

c. Name : Jatin Daisaria Realtors Pvt Ltd, Mumbai
Nos. of fully paid up equity shares to be issued - 117000
Nos. of Warrants to be issued - 4,50,000

The issue of the said equity shares and warrants shall be made after the shareholders of the Company approve the same under the provisions of Section 81 (1A) of the Companies Act, 1956 at a price of Rs 80/- per equity share (Rs 10 on capital account and Rs 70 on premium account) at the forthcoming Extra-Ordinary General Meeting schedule on January 02, 2007.

The warrants will be convertible into equity shares and the holders thereof shall have the Option to subscribe for and get allotted one equity share of Rs 10/- each at a premium of Rs 70 for every warrant. The above will be subject to the applicable provisions of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

The relevant date for the issues mentioned above will be December 02, 2006.

Source : Equity Bulls

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