Gujarat State Petronet Ltd has informed that the Board of Directors of the Company at its meeting held on August 23, 2007, has approved the following:
1. To issue up to 22,000,000* equity shares to International Finance Corporation (IFC), Washington DC, on preferential basis, at a price of Rs 57.29/- per equity share, being a price which is higher than the price computed as per SEBI Guidelines on Preferential Issue.
The approx equity investment by IFC would not exceed USD 30 million.
The Company has signed Share Subscription and Shareholders Agreement with IFC on August 23, 2007 subsequent to the Board approval.
The said preferential issue is subject to approval of the members at the ensuing Annual General Meeting of the Company scheduled to be held on August 21, 2007.
* Maximum No of share which can be issued.
2. Amendments in Articles of Association of the Company, subject to the approval of the members, at the ensuing Annual General Meeting.
3. Notice convening the Annual General Meeting of the Company scheduled to be held on September 21, 2007.
4. Postal Ballot Notice along with Postal Ballot Form containing the ordinary resolution u/s. 293(1)(a) of the Companies Act, 1956 for creation of mortgage, charges, liens, hypothecations, assignment, transfer and any other securities in favour of secured lenders.
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