Sanghvi Movers EGM to approve issue of shares on preferential basis, FII limit at 49%

Sanghvi Movers Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 08, 2007, to transact the following:

1. To offer, issue and allot in one or more tranches by way of preferential allotment up 8,80,000 equity shares of Rs 10/- each of the Company for cash at a price of Rs 825/- per share (i.e. at a premium of Rs 815/- per share) (the "Subscription Shares"), to Goldpeak Ltd, a subsidiary of Aria Investment Partner III, LP ("Goldpeak") on such other terms and conditions, and subject to necessary provisions and approvals.

2. Investments by Foreign Institutional Investors including their sub-accounts in the shares of the Company, by purchase or acquisition from the market, under the Portfolio Investment Scheme under FEMA, subject to the condition that total holding of all Foreign Institutional Investors in the aggregate shall not exceed 49% of the paid up equity share capital of the Company.

Source : Equity Bulls

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