Arvind Remedies Ltd has informed that the Board of Directors of the Company at its meeting held on March 28, 2009, has considered the Preferential Issue of equity shares to Dr. Arvind Kumar B Shah (HUF) on conversion of the unsecured loan given by him into Equity. While taking this decision it was felt that based on the application to SEBI for giving in-principle approval, it may await for the same as the promoter has already submitted necessary application for exemption from SEBI (SAST) Regulations, 1997 which was pending before SEBI.
Accordingly, subject to the approval by SEBI, it was decided to issue equity shares worth Rs 7,00,48,000/- of face value Re 1 each at a price to be fixed in accordance with SEBI (DIP) Guidelines 2000, on a preferential basis to Dr. Arvind Kumar B Shah (HUF) and that an Extra Ordinary General Meeting be convened on May 02, 2009 to approve the said issue based on the pricing of the relevant date, which shall be April 02, 2009.
Accordingly, subject to the approval by SEBI, it was decided to issue equity shares worth Rs 7,00,48,000/- of face value Re 1 each at a price to be fixed in accordance with SEBI (DIP) Guidelines 2000, on a preferential basis to Dr. Arvind Kumar B Shah (HUF) and that an Extra Ordinary General Meeting be convened on May 02, 2009 to approve the said issue based on the pricing of the relevant date, which shall be April 02, 2009.
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