Bio Green Industries Ltd has informed that the Board of Directors of the Company at its meeting held on July 14, 2007, inter alia, has discussed and approved the following:
1. The Company has decided to issue for the residual stake of M/s. Shivsagar Paper & Chemicals Ltd, the Zero Coupon Fully Convertible Debentures, subject to fresh valuations agreeable to the shareholders intending to convert the same into equity shares of the Company. As Shivsagar Paper & Chemicals Ltd has come into main stream of its operations after the restructuring that has happened prior to March 31, 2007.
2. The Company has filed the listing application for the allotment done for 54,00,000 equity shares on preferential allotment basis after receiving the in-principle approval of the stock exchange for the same, as per the list of proposed allottees approved by the shareholders at the Extra Ordinary General Meeting of the Company held on December 02, 2006.
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