Genesys International to reduce issue of shares, warrants on preferential basis

Genesys International Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on December 16, 2006, has, subject to approvals from various authorities including High Court, has decided to reduce 20,85,000 Equity Shares and 18,45,000 Warrants respectively of Rs 10/- each issued at a price of Rs 19/- per share / warrant, by way of preferential issue made in the month of May, 2006. Also the Board of Directors has decided to issue 39,30,000 warrants to Promoters of the Company and others as per SEBI pricing formula as prescribed in Chapter XIII dealing with the Preferential Issue Guidelines under the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines.

The Extra Ordinary General Meeting of the Company will be held on January 15, 2007 to secure the approval of the Shareholders of the Company.

Source : Equity Bulls

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