Raipur Alloys & Steel Ltd has informed that the Board of Directors of the Company at its meeting held on August 04, 2007, inter alia, the following business was conducted:
1. Pursuant to the merger of Chhattisgarh Electricity Company Ltd and Raipur Gases Pvt Ltd with the Company, 1,95,64,229 Equity shares of the Company were allotted to the shareholders of the merging Companies and 30,72,804 Equity shares of the Company held by Chhattisgarh Electricity Company Ltd were cancelled.
2. 26,31,579 Equity shares of Rs 10/- each, were allotted to M/s. LB India Holdings
Mauritius II Ltd and 18,42,105 Equity shares of Rs 10/- each, were allotted to M/s. Infrastructure Development Finance Company Ltd at a premium of Rs 180/- per share, totaling an amount of Rs 85.00 Crores, on preferential basis.
3. 2,63,158 Equity share warrants were issued to M/s. SAB Trading Pvt Ltd., givingthem a right to subscribe equivalent number of Equity shares at a premium of Rs 180/- per share within a period of 18 months.
4. The Board has noted the approval of Registrar of Companies for change in the nameof the Company to Sarda Energy & Minerals Ltd. The new name will be effective from the date of receipt of the certificate from the Registrar of Companies.
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