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| Exchange Disseminated Time | Visagar Polytex Ltd has informed BSE that has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 08, 2010, inter alia, have accorded to the following:
1. Authority to Board to offer, issue and allot, subject to such approvals as may be required to be obtained, and subject to compliance of the Provisions of the Listing Agreement and SEBI (Issue of the Capital and Disclosure requirements) Regulations, 2009, 56,000 warrants of Rs. 1200/- each on preferential basis to the Promoters of the Company and to strategic investors, whose names are given herein below entitling the holders thereof to convert each warrant into one Equity share of Rs. 10/- each at Rs. 1200/- per Equity share (including a Premium of Rs. 1190/- per share) or at a price which is determined as per pricing of the equity shares as prescribed under Regulation 76 of SEBI (Issue of Capital and Disclosure requirements) Regulations, 2009 which is higher, within a period of 18 months from the date of allotment, provided that 25% of the issue price of the warrants shall be payable by the allottees before the allotment of warrants and balance on or before 18 months from the date of allotment or else money received for the allotment of the warrants shall be forfeited by the Company
Promoters:
a. Maharashtra Overseas Ltd : 11,000 No of Warrants
b. Sibsagar Trade & Agencies Pvt Ltd : 10,000 No of Warrants
c. Sagar Portfolio Services Ltd : 10,000 No of Warrants
Strategic Investors:
a. Sai Entech Private Ltd : 5,000 No of Warrants
b. Nipra Financial Services Pvt Ltd : 10,000 No of Warrants
c. Vantage Corporate Services Ltd : 10,000 No of Warrants
2. The sub-division of the nominal value of existing equity shares of the Company from Rs. 10/- each into Re. 1/- each.
3. Amendment to the existing Clause V of the Memorandum of Association of the Company relating to the share capital by deleting the same and substituting in its place the following new 'Clause V'.
"v. The Authorised Share Capital of the Company is Rs. 5.00,00,000/- (Rupees Five Crore only) divided into 5,00,00,000 (Five Crore) Equity Shares of Re.1 (Rupees One only) each. The Company has power from time to lime to increase or reduce its capital and to divide the shares in the capital from the time being into other classes and to attach thereto respectively such preferential, deferred, qualified or other special rights, privileges, conditions or restrictions, as may be determined by or in accordance with the Articles of Association of the Company and to vary, modify or abrogate any such rights, privileges or conditions or restrictions in such manner for the time being be permitted by the Articles of Association of the Company or the legislative provisions for the lime being in force in that behalf."
4. Amendment to the existing Article 5 of the Articles of Association of the Company relating to the share capital by deleting the same and substituting in its place, the following new Article 5.
5. The Authorised Share Capital of the Company is Rs. 5,00,00,000/- (Rupees Five Crore only) divided into 5,00,00,000 (Five Crore) Equity Shares of Re. 1 (Rupees One only) each. |
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