Riga Sugar - Outcome Of EGM

Riga Sugar Company Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 02, 2008, inter alia, have accorded the Board to issue, offer and allot upto 9,25,925 (Nine Lakhs Twenty Five Thousand Nine Hundred and Twenty Five) Convertible Equity Share Warrant (Warrants), to be convertible at the option of Warrant Holder in one or more tranches, within 18 (eighteen) months from its allotment date into 1 fully paid up Equity Share of the Company of face value of Rs 10/- for cash at an exercise price of Rs 27 (including premium of Rs 17/-) for each warrant and to issue fresh Equity Shares on the conversion of the warrants, on such further terms and conditions as may be finalised by the Board to following persons belonging to Promoter Group and to Others:

Promoters

1. The Belsund Sugar & Industries Ltd - 5,00,000 No of Warrants

Others

2. Nupur Professional Aid Pvt Ltd - 1,50,000 No of Warrants

3. Madhyam Vyapaar Pvt Ltd - 1,50,000 No of Warrants

4. Walter Vanijya Pvt Ltd - 1,25,925 No of Warrants.