The members of the Company in its Extra-ordinary General Meeting held on 22.10.2007 approved the issue of:
a) upto 13,30,000 (Thirteen Lac Thirty Thousand) Equity Shares of face value of
10/- each at a premium of
65/- per share aggregating to
9,97,50,000 (Rupees nine crore ninety seven lac fifty thousand only) to M/s. Indiastar (Mauritius) Limited, Non-promoter of the Company.
b) upto 13,99,998 (Thirteen Lac Ninity Nine Thousand Nine Hundred Ninety Eight) unsecured 10% fully convertible debentures (FCDs) of
100 each aggregating to
13, 99, 99,800 (Rupees Thirteen Crores Ninity Nine Lac Ninety Nine Thousand Eight Hundred only) at an Interest rate of 10% p.a. payable monthly convertible in one and more trenches within a period of 18 months from the date of allotment into equity shares of face value of
10 each at a premium of
65 per share to Indiastar (Mauritius) Limited, Non-promoter of the Company .
c) upto 23,00,000 (twenty three lacs) warrants ,carrying an option to the holder of such warrants to subscribe to one equity share of
10/- at premium of
65/- per share for every warrant held, within 18 months from the date of allotment of the warrants, to following persons, on preferential basis in accordance with the applicable law:
i) 12,00,000 (twelve lacs) warrants to Mayadevi Polycot Limited, Promoter of the Company.
ii) 11,00,000 (Eleven lacs) warrants to Indiastar (Mauritius) limited, Non-promoter of the Company.”
in accordance with the provisions of Companies Act,1956 SEBI guidelines and the other applicable laws.