Webel-Sl Energy Systems Ltd has informed that the Board of Directors of the Company at its meeting held on January 31, 2008, inter alia, has transacted the following business:
1. Approved the allotment of 107000 fully paid equity shares of Rs 10/- each at a premium of Rs 340/- per share (total Rs 350/- per share) to Mr. S L Agarwal upon conversion of warrants issued on preferential basis pursuant to the option exercised by him for 107000 warrants.
2. Considered and approved the proposal for conversion of the Singapore JV i.e., Micro Power Trading Co Pte Ltd into wholly owned subsidiary by acquiring the balance 50000 shares (equivalent to 75.08% of the equity share capital) in the said JV from other existing shareholders through issue and allotment of approximately 24 Lac fully paid equity shares in the Company for a total consideration of Rs 168 crores constituting approx. 23.92% of the post issue Equity Share Capital of the Company at such price as may be determined in accordance with Chapter XIII of the SEBI (DIP) guidelines, 2000 on preferential issue of shares and subsequent amendments thereto or Rs 700/- per share whichever is higher subject to the said proposal being approved by the shareholders of the Company in a general meeting. It has been further decided that in case of issue price being higher than Rs 700/- per share, the number of shares to be issued shall be reduced proportionately.
3. Approved the notice for holding the Extra Ordinary General Meeting on March 24, 2008 for approval of the above mentioned.
1. Approved the allotment of 107000 fully paid equity shares of Rs 10/- each at a premium of Rs 340/- per share (total Rs 350/- per share) to Mr. S L Agarwal upon conversion of warrants issued on preferential basis pursuant to the option exercised by him for 107000 warrants.
2. Considered and approved the proposal for conversion of the Singapore JV i.e., Micro Power Trading Co Pte Ltd into wholly owned subsidiary by acquiring the balance 50000 shares (equivalent to 75.08% of the equity share capital) in the said JV from other existing shareholders through issue and allotment of approximately 24 Lac fully paid equity shares in the Company for a total consideration of Rs 168 crores constituting approx. 23.92% of the post issue Equity Share Capital of the Company at such price as may be determined in accordance with Chapter XIII of the SEBI (DIP) guidelines, 2000 on preferential issue of shares and subsequent amendments thereto or Rs 700/- per share whichever is higher subject to the said proposal being approved by the shareholders of the Company in a general meeting. It has been further decided that in case of issue price being higher than Rs 700/- per share, the number of shares to be issued shall be reduced proportionately.
3. Approved the notice for holding the Extra Ordinary General Meeting on March 24, 2008 for approval of the above mentioned.
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