International Conveyors Ltd has informed that the Board of Directors of the Company at its meeting held on February 29, 2008, has approved the issue of up to 9,75,000 convertible warrants of Rs 10/- each convertible into equity shares of Rs 10/- each within next 18 months to [*] (Investors), who are foreign institutional investors (FIIs) registered with the Securities and Exchange Board of India, at a price of Rs [*] (Rupees [*]/- only) per warrant (including premium of Rs [*]/- per warrant(s) calculated as per the prescribed guidelines issued by SEBI for an aggregate, full and final consideration of Rs [*]/- (Rupees [*] only) on a preferential basis subject to the shareholder and other relevant approvals.
The Board has also decided to increase the Authorised Capital of Rs 3,00,00,000/- divided into 28,00,000 equity shares of Rs 10/- each and 20,000 Preference Shares of Rs 100/- each to Rs 5,00,00,000/- divided into 48,00,000 equity shares of Rs 10/- each and 20,000 preference shares of Rs 100/- each pursuant to the Companies Act, 1956.
The Board has decided to obtain consent of the shareholders for the preferential issue to the Investor by way of postal ballot.
The Board has also decided to increase the Authorised Capital of Rs 3,00,00,000/- divided into 28,00,000 equity shares of Rs 10/- each and 20,000 Preference Shares of Rs 100/- each to Rs 5,00,00,000/- divided into 48,00,000 equity shares of Rs 10/- each and 20,000 preference shares of Rs 100/- each pursuant to the Companies Act, 1956.
The Board has decided to obtain consent of the shareholders for the preferential issue to the Investor by way of postal ballot.
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