Sayaji Hotels Ltd has informed that the Board of Directors of the Company at its meeting held on September 03, 2007, has considered and approved the following businesses:
1. To be converted of 4,25,000 Share Warrants into Equity Shares.
2. Issued of 50,00,000 Fresh Convertible Share Warrants to Promoters/Others.
The Board considered and approved the offer, issue and allotment on a preferential basis of 50 lakh Convertible warrants to the promoters, persons and others (as mentioned below); each Warrant convertible, any time before expiry of 18 months, from its allotment into 1 fully paid up equity share of the Company, at an exercise price (including premium) decided by the Board of Directors which is not lower than the minimum price specified as per Clause 13.1.1.1 of Chapter XIII of SEBI Guidelines but not higher than Rs 80.0O per Warrant, and the issue of fresh equity shares on the conversion of the Warrants, on such further terms and conditions, as may be finalized by the Board of Directors, subject to the approval of the shareholders.
Promoters/Others -
NameCategoryNo. of Shares
Ahilya Hotels LtdPromoter37,50,000
Yusuf Ibrahim SoniOther12,50,000
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