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| Exchange Disseminated Time | Hindustan Motors Ltd has informed BSE that the Special Committee of Directors of the Company at its meeting held on February 04, 2012, has resolved:
1. That the proposed preferential issue of upto 1,18,00,000 Equity Shares of Rs. 5 each fully paid up together with upto 1,18,00,000 warrants in accordance with Chapter VII of the SEBI ICDR Regulations be fixed at Rs. 12.25 each (including a premium of Rs. 7.25); and
2. That the said Equity Shares and Warrants be issued to Amer Investments (Delhi) Limited, Bengal Rubber Company Limited, Central India Industries Limited and Hindusthan Discounting Company Limited being part of the Promoter/Promoter Group of the Companies, on preferential basis.
The aforesaid preferential issue of Equity Shares and Warrants is subject to approval of the Shareholders under the provisions of Section 81(1A) of the Companies Act, 1956 and other approvals and will be made in terms of Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable Rules / Regulations / Guidelines of Securities and Exchange Board of India and other regulatory authorities.
The Special Committee of Directors has also decided to convene an Extraordinary General Meeting on March 07, 2012, to seek approval of Shareholders for the preferential issue of aforesaid Equity Shares and Warrants. |
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