JIK Industries - Outcome Of Board Meeting

JIK Industries Ltd has informed that the Board of Directors of the Company at its meeting held on June 01, 2007, has considered the Honble BIFR Orders and decided as under:The Board has proposed to enhance its present authorised equity share capital from 5 Crores number of equity shares (face value Rs 10/- each) to 15 Crores number of equity shares subject to obtaining requisite permissions / approvals keeping in mind the Long Term requirements of Funds for the revival of the Company.The Board has proposed to allot 20,00,000 equity shares of Rs 10/- each as fully paid up equity shares to SASF and 14,85,507 equity shares of Rs 10/- each as fully paid up equity shares to LIC @ a premium of Rs 3.80 per share (i.e. aggregate price Rs 13.80 per share) as a part of the settlement of their outstanding dues.Further, the Company has proposed to issue / allot 4,65,000 number of equity shares of Rs 10/- each @ a premium of Rs 3.80 (i.e. aggregate price Rs 13.80 per share) to investors.