Color Chips to issue shares, warrants on preferential basis

Color Chips India Ltd has announced that the Board of Directors of the Company at its meeting held on January 11, 2007, has decided the following:

1. To obtain the consent of the shareholders to issue 46,65,000 equity shares / warrants convertible into equity shares at a later date as per SEBI Guidelines on preferential basis to the following persons:

(i) NW Insurance Services Pvt Ltd - 20,00,000 No of equity shares

(ii) Cyber Toons Pvt Ltd - 20,00,000 No of equity shares

(iii) Color Chips Animation Park Ltd and / or R S Sudhish - 6,65,000 No of equity shares

2. To differ forfeiture of shares to the next board meeting to be held on January 18, 2007.

3. To convene an Extra Ordinary General Meeting to obtain the consent of shareholders under section 81(1A) of the Companies Act, 1956 for the aforesaid preferential issue and for reissue of forfeited shares, if any, to the persons other than existing shareholders of the Company.

Source : Equity Bulls

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