Financial Daily from THE HINDU group of publications
Sunday, Oct 24, 2004
Financial Daily from THE HINDU group of publications Sunday, Oct 24, 2004 |
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Corporate
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Preferential Allotments Alok Ind board okays pref allotment of shares Our Bureau
Mumbai , Oct. 23 ALOK Industries Ltd has informed the Bombay Stock Exchange that at its meeting held on October 21, the board has approved the issue and allotment of 55,73,700 equity shares at the rate of Rs 61 per share (face value per share Rs 10 and premium Rs 51) aggregating Rs 33,99,95,700 on a preferential basis to the promoter group, subject to necessary approvals and guidelines/rules/regulations in this regard (including the SEBI guidelines). It also approved the issue and allotment of 55,37,700 equity shares at the rate of Rs 61 per share (face value per share Rs 10 and premium Rs 51) aggregating Rs 33,99,99,700 on a preferential basis to IL&FS Investment Mangers Ltd subject to necessary approvals and guidelines/rules/regulations in this regard (including the SEBI guidelines); and, the issue and allotment of 6,80,00,000 optionally convertible preference shares of face value of Rs 10 per share aggregating Rs 68 crore (conversion price being Rs 61 per share) to a foreign investor on such terms and conditions including conditions as to dividend, premium, etc, as the board of directors may, in its absolute discretion, deem fit and in accordance with the Article of Association of the company subject to necessary approvals and guidelines/rules/regulations in this regard (including the SEBI guidelines). It also agreed to convene an EGM on November 19.
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