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| Exchange Disseminated Time | Prime Securities Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 27, 2007, inter alia, has considered & approved the following:
1. Withdrawal of Special Resolution for Buy-back of Equity Shares :
Withdrawal of the Special Resolution for Buy-back of fully paid Equity Shares of the Company.
2. Increase in FII limit :
Increase in limit of investments by Foreign Institutional Investors (including their sub-accounts) from the present level of 30% to 74% of the Paid-up Equity Share Capital of the Company.
3. Issue of Equity Shares / Warrants on a Preferential basis :
a. Issue, on a preferential basis, Equity Shares of Rs 5/- each at a price of Rs 275/- per share, to the following investors:
i) Upto 18,00,000 Equity Shares to New Vernon Pvt Equity Ltd
ii) Upto 70,000 Equity Shares to ICG Q Ltd
b. Issue, on a preferential basis, Equity Share Warrants ("Warrants"), carrying an entitlement to apply for equivalent number of Equity Shares of Rs 5/- each at a price of Rs 275/- per share, within a period of 18 months from the date of allotment of Warrants, to the following investors:
a) Upto 2,00,000 Warrants to New Vernon Private Equity Ltd
b) Upto 1,50,000 Warrants to Judith Investments Pvt Ltd
c) Upto 1,00,000 Warrants to Mr. Arun Shah (Non-executive, Independent Director)
d) Upto 50,000 Warrants to Mr. Rangarajan Ramachandran (Non-executive, Independent Director)
e) Upto 50,000 Warrants to Mr. Pradip V Dubhashi (Non-executive, Independent Director)
f) Upto 50,000 Warrants to Mr. Vinay G Motwani
The pricing of Equity Shares / Warrants proposed to be issued is in accordance with the SEBI Guidelines for Preferential Issues. The Equity Shares / Warrants proposed to be issued shall be subject to a lock-in as prescribed by SEBI Guidelines for Preferential Issues.
The Preferential Issue of the Equity Shares / Warrants shall be subject to necessary approvals of the shareholders of the Company and any other regulatory authorities, if required and shall be in terms of the regulations / rules / guidelines issued by SEBI, the listing agreement with stock exchanges and other applicable provisions of the law.
4. The Employee Stock Option Scheme 2007 as per the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 :
Implementation of the Employee Stock Option Scheme 2007 enabling issue of upto 10,00,000 Equity Shares (ESOPs) as per the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
The Company has further informed that to give effect to the above Resolutions, the Board of Directors has resolved to convene an Extraordinary General Meeting of the shareholders of the Company on January 25, 2008. |
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