Shriram City Union Board to consider preferential issue of shares, warrants

Shriram City Union Finance Ltd has announced that a meeting of the Board of Directors of the Company will be held on December 22, 2006 to consider allotment of one or more of the following:

1. upto 40,00,000 Equity shares of Rs 10 each to Indopark Holdings Ltd.

2. upto 40,00,000 Equity Shares of Rs 10/- each to Van Gogh Ltd.

3. upto 8,00,000 Equity Shares of Rs 10/- each to CPIM Structured Credit Fund A 1000 Ltd.

4. upto 10,00,000 Equity Shares of Rs 10/- each to CPIM Structured Credit Fund A 1500 Ltd.

5. upto 22,00,000 Equity Shares of Rs 10/- each to CPIM Structured Credit Fund A 20 Ltd.

6. upto 35,00,000 warrants convertible at the option of the holder into Equity Shares of Rs 10 each at the rate of 1 Equity Share for every warrant to Shriram Enterprise Holdings Pvt Ltd. for cash on preferential basis at the rate of Rs 160/- per share (including a premium of Rs 150/- per share) being the price higher than the price determined under Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 as amended.

The Extraordinary General Meeting for getting the approval of shareholders under Section 81 (1A) of the Companies Act 1956 in respect of the above allotments is scheduled on December 18, 2006.

Source : Equity Bulls

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