Raymond Ltd has informed that subject to the approval of the shareholders in a general meeting and subject to the rules / regulations / guidelines issued by the Securities and Exchange Board of India (SEBI), the Board of Directors of the Company at its meeting held on November 06, 2007, has approved to issue 61,38,085 warrants on a preferential basis to the promoters / promoter group, entitling the promoters / promoter group to apply for and obtain allotment of one equity share of Rs 10/- each against one warrant, at a price of Rs 340 per share.
The Board has also approved the calling of an Extra Ordinary General Meeting for the approval of the preferential allotment on December 04, 2007.
The relevant date for the purpose of determining the price for the preferential issue of the equity shares and warrants would be November 04, 2007, i.e. 30 days prior to thedate of the Extra Ordinary General Meeting as per the SEBI Guidelines.
The holding of the promoter group in the Company would increase to 42.14% from the current level of 36.35% after assuming the exercise of option in full against warrants.
The issue is aimed at augmenting the long term resources of the Company for meeting the funding requirements of existing and new businesses, general corporate expenditure, as well as investments at an opportune time, including in subsidiaries and joint ventures.
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