|
| Exchange Disseminated Time | Punjab Chemicals & Crop Protection Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 21, 2010, inter alia, to create, issue, offer and allot 7,50,000 warrants to Hem-Sil Trading &. Manufacturing Pvt. Ltd. (Shalil Shroff Group) to be converted into equity shares in two trenches i.e. 3,50,000 warrants to be converted by March 31, 2011 and 4,00,000 warrants to be converted by March 31, 2012 as per the details given below:
- Promoter (Shalil Shroff Group) - Hem-Sil Trading & Manufacturing Pvt. Ltd
No. of Warrants: 7,50,000
with a right attached thereto entitling the holder of the warrants to apply for and subscribe within such time as fixed by the Board in two trenches i.e. 3,50,000 warrants may be converted by March 31, 2011 and 4,00,000 warrants by March 31, 2012,against payment in cash to one fully paid-up equity share of the face value of Rs. 10/- each in the share capital of the Company for every warrant held, at a price of Rs. 140/- (including premium of Rs.130/-), at the option of the warrant holder, as may be deemed appropriate by the Board under and by way of preferential issue through offer letter and / or circular and / or information memorandum including payment of consideration i.e. an amount equivalent to Rs. 35/- (25% of the total consideration) will be paid against each warrant on the date of allotment of warrants. The balance of Rs. 105/- (75% of the total consideration) shall be paid at the time of allotment of equity shares pursuant to exercise option against each warrant and / or such terms documents / Writings, in such manner and On such other terms and, conditions as may be determined by the Board with power to settle details as to the form and terms of issue of the warrants to the promoters and all other terms, conditions and matters connected therewith including to accept any modification thereto or therein as may be required by persons involved with any such issue of warrants subject, however, to all applicable laws and within and under the limits permitted under law, for an aggregate amount not exceeding Rs. 10,50,00,000/- [Rs. 4,90,00,000 by March 31, 2011 and Rs. 5,60,00,000 by March 31, 2012 (inclusive of premium)] provided that the price, as applicable, of the equity shares to be issued pursuant to the warrants, shall not be less than being higher of the average of the weekly high and low of the closing, prices of the related shares quoted on the stock exchange during the six months OR the average of the weekly high and low of the closing prices of the related shares quoted on stock exchange during the two weeks preceding the relevant date, being thirty days prior to the date of this extraordinary general meeting i.e., November 02, 2010 (relevant date) for Preferential Issues as contained in Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (including any amendment. thereto or re-enactment thereof) and all other terms, conditions and mailers connected therewith and to accept any modifications in the proposal as may be required by the authorities / parties involved in such issues but subject to such conditions as the Reserve Bank of India, Securities and Exchange Board of India or such other appropriate authorities may impose at the time o according / granting their approvals, consent, permissions and sanctions and as agreed to by the Board, subject to necessary provisions & approvals. |
|
|