NCL Industries Board approves raise in FII limit to 49%, issue of shares to First Carlyle Ventures

NCL Industries Ltd has announced that the Board of Directors of the Company at its meeting held on December 24, 2006, has decided to convene an Extra-ordinary General Meeting of shareholders on January 25, 2007 to seek the approval of the shareholders for the following proposals:

1. To fix the ceiling for total holding of all FIIs upto 49% of the paid up share capital of the Company.

2. Preferential Issue of equity shares to First Carlyle Ventures Mauritius or, at its sole discretion, any one of its nominees and / or affiliates including without limitation First Carlyle Ventures III and / or any other growth fund and / or venture capital fund owned or managed by Carlyle Asia Growth Partners III, LP (Investors), one of the major private equity investors, for subscription of 79,41,177 equity shares of Rs 10/- each at a price of Rs 68/- per share or the price as calculated under SEBI guidelines for Preferential Issues, whichever is higher.

3. Preferential Issue of 44,11,765 Equity Share Warrants to promoters group and 19,85,294 Equity Share Warrants to the Investors, carrying an entitlement to subscribe to equivalent number of Equity Shares of Rs 10/- each, within a period of 18 months from the date of allotment, at a price of Rs 68/- par share or the price as calculated under SEBI guidelines for Preferential Issues, whichever is higher.

Source : Equity Bulls

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