Lakshmi Precision EGM to approve issue of shares to Reliance Capital Trustee

Lakshmi Precision Screws Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 04, 2007,inter alia, to transact the following:

1. To issue and allot, in one or more tranches and upon such terms and conditions as may be deemed appropriate by the Board, by way of preferential allotment up to 9,00,000 equity shares of Rs 10/- each of the Company for cash, at a price of Rs 101/- per equity share (i.e. at a premium of Rs 91/- per share), to Reliance Capital Trustee Co Ltd, A/c Reliance Long Term Equity Fund, subject to the necessary provisions & approvals.

2. To create, offer, issue and allot on behalf of the Company, Foreign Currency Convertible Bonds (FCCBs) and/or Global Depository Receipts (GDRs) and/or American Depository Receipts (ADRs) and/or other Depository Receipts (DRs) and/or Securities representing either Equity Shares or convertible securities through Depository Receipts and/or Equity Shares and/or any other Securities convertible into Equity Shares at the option of the Company and/or holders of the Security and/or Securities linked to Equity Shares and/or Securities with or without detachable/non-detachable warrants ("Securities") whether secured by way of creating charge on the assets of the company or unsecured, subscribed to in Indian/Foreign Currency(ies), up to an aggregate amount not exceeding US$ 10 Million or equivalent amount in Indian or any other currency as the case may be (inclusive of such as may be determined), subject to the necessary provisions & approvals.

3. Investment by Foreign Institutional Investors, in the equity share capital of the company, either by direct investment or by purchase or otherwise by acquiring from the market under portfolio investment scheme on repatriation basis (including by way of subscription to or acquisition of GDRs) subject to the condition that such investment together with their existing holdings shall not exceed in aggregate of 49% of the paid up equity capital of the company or such other limit as may be prescribed from time to time by the Central Government and/or Reserve Bank of India or any other related authority.

Source : Equity Bulls

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