Financial Daily from THE HINDU group of publications
Saturday, Aug 13, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 13, 2005 |
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Corporate
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Preferential Allotments SQL Star members okay pref offer Our Bureau
Hyderabad , Aug.12 THE shareholders of SQL Star International Ltd have approved the allotment of 25,00,000 equity shares of Rs 10 each at a price of Rs 40 on a preferential basis following a recent move by Mr N.R.Ganti and others to takeover the company. At an extraordinary general meeting of the company held on August 6, they also approved the issue of 1,00,00,000 warrants of Rs 40 each to be converted into equity shares of Rs 10 each in the ratio of one equity share for one warrant within 18 months. According to a statement from SQL Star, Superstar Exports Private Ltd, Padmavathi Properties & Projects Pvt Ltd, are the acquirers of the shares along with Mr N.R.Ganti and Mr Raj Ganti as persons acting in consort with the intention of taking the management control. Consequently, Mr N.R.Ganti has been appointed as the Executive Chairman of the company and will manage the affairs of SQL Star. The effort to raise additional funds is part of the company's bid to revamp operations on vertical lines and augment long-term capital resources.
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