Genus Overseas Electronics Ltd has informed that the Board of Directors of the Company at its meeting held on August 14, 2007, inter alia, has decided the following:
1. To Issue and allot upto 10,00,000 convertible warrants convertible into and / or providing the holder the option to subscribe to one fully paid-up equity share of Rs 10/- each (aggregating to 10,00,000 equity shares) at a price of Rs 409 per equity share to Smt. Lata Bhanshali W/o Late Shri. Manak Bhanshali, Mumbai, pursuant to and in accordance with SEBI and other applicable guidelines and subject to the consent of the members of the Company and other requisite authorities.
2. To issue Equity Shares / Preference Shares / FCCBs / ADRs / QIP / GDRs / Securities linked to equity shares or convertible into equity shares upto 30 million USD or Rupees equivalent thereto to investor(s) under Chapter XIII - A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (Guidelines) in respect of Qualified Institutional Placement (QIP) and subject to the consent of the members of the Company and other requisite authorities.
3. To convene an Extra Ordinary General Meeting on September 12, 2007, to seek the approval of the members of the Company for the above resolutions.
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