Hiran Orgochem to issue shares / warrants on preferential basis

Hiran Orgochem Ltd has announced that the Board of Directors of the Company at its meeting held on December 15, 2006, inter alia, has considered and approved the following:

1. In modification of the earlier decision taken by the Board at its Meeting held on November 28, 2006 wherein it was decided to issue 30,00,000 equity shares of Rs 10/- each for cash at a premium of Rs 140/- per share on preferential allotment basis, the Board has now decided to issue, subject to the approval of the members of the Company, upto 10,00,000 equity shares of Rs 10/- each for cash at a premium of Rs 120/- per share on preferential allotment basis to persons/entities including the promoters of the Company, whether such allottees are shareholders of the Company or not, on preferential allotment basis in accordance with the SEBI preferential allotment guidelines.

2. Issue of, subject to the approval of the members of the Company, upto 20,00,000 Optionally Fully Convertible Warrants (OFCWs), each Warrant convertible at the sole option of the holder thereof, anytime before expiry of 18 months from the date of allotment thereof, into 1 fully paid up equity share of the Company of face value of Rs 10/- at an exercise price (including premium) of Rs 130/- per warrant on Preferential Allotment basis to certain persons/entities including the promoters of the Company, whether such allottees are shareholders of the Company or not.

Source : Equity Bulls

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