Everest Kanto Cylinder Ltd has informed that the Board of Directors of the Company at its meeting held on October 06, 2007, has discussed and approved the following:
1. Allocation of Bonds upto US $ 35 million consequent to the FCCB issue of the Company.
2. Preferential issue of 32,00,000 Equity Shares to M/s. TVG India Investment Holdings Ltd and 3,48,027 Equity Shares to M/s. Brightwill Ltd, a subsidiary of a fund managed by CLSA Private Equity Management Ltd at a price of Rs 250/- per share aggregating to a total investment value of appx. Rs 88.70 crores which would be subject to a lockin of 1 year in accordance with SEBI Guidelines for Preferential Allotment and subject to the fulfillment of such terms and conditions as may be mutually agreed. The Preferential issue of shares would result in additional issue of shares of 3.51% of the enhanced equity share capital.
3. Convening Extraordinary General Meeting of the members of the Company on November 07, 2007 to approve the preferential issue of equity shares.
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