Vaibhav Gems - Outcome Of Board Meeting

Vaibhav Gems Ltd has informed that the Board of Directors of the Company at its meeting held on August 30, 2007, inter alia, has taken the following decisions:

1. To create, offer, issue & allot Equity shares / Convertible Warrants / Global Depository Receipts / Foreign Currency Convertible Bonds / any other instrument(s) (not being debentures) (Financial Instruments) to Domestic / Foreign Institutional Investors, Mutual Funds, Financial Institutions, Private Equity Funds, Resident Indians, Non resident Indians, Domestic / Overseas Corporate Bodies, Hedge Funds / Pension Funds, Banks. Promoters and their Associates/Relatives, Employees or to any other person(s) / Institution(s) whether shareholder or not on Private Placement basis or through Public Offer, listed and / or unlisted, as the Board may deem fit in its absolute discretion, for raising funds amounting to not more than Rs 250 Crore (or Equivalent thereof) by way of preferential allotment for cash, and at a price as may be agreed between the Company and the persons to whom these financial instrument(s) are to be offered but not less than Rs. 230 per share or the prevailing price calculated in the manner prescribed under guidelines issued by SEBI, RBI or any other Statutory Authority, whichever is higher. The number of equity shares on conversion of such GDRs, Warrants etc. should not be more than 96,00,000, Subject to the approval of shareholders at General Meeting.

2. To increase the authorised share capital of the Company from Rupees Seventy-six Crore (comprising of Three Crore Ten lacs equity shares of Rs 10/- each and Forty Five Lac Unclassified Shares of Rs 100/- each) to Rupees Eighty-Six Crore by creation of One Crore equity shares of Rs 10/- each ranking pari passu with the existing equity shares of the Company on terms and conditions laid down in the companies Act, 1956, Subject to the approval of shareholders at the General Meeting.

Source : www.indian-commodity.com