Kaashyap Technologies Ltd has informed that the Board of Directors of the Company at its meeting held on October 4, 2007, has considered, decided and has taken decision on the following subjects:
1. To consider and allot 2,00,00,000 equity shares and 7,50,00,000 warrants of Re. 1/- each at a premium of Rs. 3/- per share on a preferential basis:
The Board took note of the fact that the investors had expressed inability to bring in funds as equity before the proposed date of allotment. Hence, the investors had requested the Board to postpone the date of allotment of equity shares. The Board being apprised of the fact that the power for postponement of the date of allotment is not with the Company and the same is as per the SEBI Guidelines for Preferential Allotment contained in Chapter XIII of the SEBI (Disclosure and Investor Protection Guidelines), 2000, decided that the said allotment of equity shares shall again be placed before the Members of the Company by holding an Extra-ordinary General Meeting after deciding on the pricing mechanism. Hence, the Board decided not to allot equity shares on a preferential basis
The Board approved the Preferential allotment of 5,00,00,000 warrants with each warrant convertible into one equity share of the Company of nominal value of Rs. 1/- each at a premium of Rs 3.00 so that the total number of equity shares to be issued by the Company upon conversion of the Warrants does not exceed 5,00,00,000 equity shares to the following persons / entities:
1. Mrs. Usha Venkatramani (Promoter): 2,25,00,000 warrants
2. Mr. Rajeev Agarwal: 75,00,000 warrants
3. Ms. Annapurna: 25,00,000 warrants
4. Real Fintech P Ltd: 50,00,000 warrants
5. Taib Securities Mauritius Ltd: 1,25,00,000 warrants
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