Pan Packaging approves issue of 10,21,000 shares and 9,79,000 warrants

Pan Packaging Industries Ltd has announced that the Board of Directors of the Company at its meeting held on December 15, 2006, has approved issuance of 10,21,000 Equity shares and 9,79,000 Convertible share warrants to Promotes and Non-Promoters Group. The said funds are being raised to strengthen the Company's financial position and to generate long term resources for implementing future growth plans.

The Preferential offer, which is subject to necessary approvals from shareholders will be made at a price arrived at in terms of the Securities Exchange Board of India (SEBI) (Disclosure and Investor Protection) Guidelines, 2000.

The Board Members has decided to convene Extra Ordinary General Meeting of the members of the Company on January 15, 2007 to seek approval for issue and allotment of aforesaid Equity Shares as well as Convertible share warrants and for increase in Authorized Share Capital of the Company and to carry out consequential effect in the Memorandum and Article of Association of the Company.

Source : Equity Bulls

Keywords