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IOL Chemicals And Pharmaceuticals Limited, Punjab

IOL Chemicals And Pharmaceuticals Limited, Punjab

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22nd October 2007
OUTCOME OF THE SHARE ALLOTMENT COMMITTEE OF THE BOARD HELD ON 22.10.2007

The following securities has been allotted to persons mentioned below by the Share Allotment Committee of the Board in its meeting held on 22.10.2007
a) 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) 13,99,998 (Thirteen Lac Ninety 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) 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.
These equity shares/FCDs/warrants will be on the following terms and condition:
Equity shares
1. The equity shares allotted on preferential basis shall be locked-in for a period of one year from the date of their allotment.
FCDs
1. The FCDs will be compulsory converted in one or 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..
2. Interest at the rate of 10% p.a payable monthly until the FCDs are converted into equity shares.
3. The FCDs allotted on preferential basis shall be locked-in for a period of one year from the date of their allotment. The lock in on shares acquired on conversion of FCDs shall be reduced to the extent the FCDs have already been locked-in.
Warrants
1. The warrants shall be attached with an option to subscribe and allotment of one equity share face value of 10/- at a premium of 65/- per share in share capital of the company within 18 months from the date of allotment of the warrants.
2. The warrants issued to M/s Mayadevi Polycot Limited , promoter of the company and to indiaSTAR (Mauritius) Limited ,non promoter of the company be locked in for a period of three years/ one year from the date of allotment respectively and the lock in on equity shares acquired by exercise of the warrants, shall be reduced to the extent the warrants have already been locked-in.
3. The amount deposit against the allotment of warrants will be forefeited in case we failed to exercise the option to subscribe for the allotment of the equity shares within the prescribed period.






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