Adhunik Metaliks - Outcome Of Board Meeting

Adhunik Metaliks Ltd has informed that the Board of Directors of the Company at its meeting held on October 30, 2007 has approved the following subject to approval of the share holders at the ensuing extra ordinary general meeting called on November 26, 2007:1. Issue and allotment of 81,54,000 unsecured non transferrable fully / compulsory convertible debenture of face value of Rs 122.64 each for cash at par to Clearwater Capital Partners (Cyprus) Ltd of 27 Pindarou Street, Alpha Business Center, Ayious Antonios, 1060 Nicosia.The debenture shall carry a coupon of 4% or pro-rata thereof payable at the time of conversion. The entire sum of Rs 122.64 per debenture shall be payable on application. Debentures shall be compulsorily converted into equity shares within eighteen months from the date of issuance thereof, at a conversion price of Rs 122.64 per equity share.The price has been fixed on the basis of SEBI DIP Guidelines 2000. The relevant date for the purpose of price fixation has been taken as October 27, 2007 (i.e. the 30th day prior to the date of EGM i.e. November 26, 2007).2. Offer / issue / allotment on preferential basis 11110249 nos. of zero coupon convertible warrants at a price of Rs 117/- each based on the relevant date i.e. October 27, 2007 to promoters / promoter group / their associates namely:Each warrant entitling the holder thereof to apply and be allotted one fully paid up equity share of Rs 10/- each, at any time not exceeding eighteen months from the date of allotment of the warrants such that the total number of equity shares to be issued by the Company upon conversion of the warrants do not exceed 1,11,10,249 equity shares of face value of Rs 10/- each.Each warrant shall be convertible into one equity share of face value of Rs 10/- each of the Company.An amount equivalent to at least 10 percent shall become payable for the warrants before the date of their allotment.3. To increase the paid-up capital from Rs 100.00 Crores to Rs 125.00 Crores.