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Chennai, Nov. 16

South Asian Petrochem Ltd has informed the BSE that an EGM of the members of the company will be held on December 8 to offer, issue and allot up to 2,30,86,419 fully paid up equity shares of Rs 10 each to International Finance Corporation (IFC) on preferential basis at such price inclusive of premium, in such manner and on such terms and conditions as the board may determine. Further, the board has been authorised to issue, offer for subscription and allot up to 76,95,473 convertible warrants on preferential basis to IFC with an option to the holder of each such warrant to apply for and be allotted one fully paid up equity share of Rs 10 each for cash at a price not less than Rs 17.01 per equity share, up to 1,91,06400 fully paid up equity shares of Rs 10 each on a preferential basis to the promoters/promoter group, up to 63,68,800 convertible warrants on preferential basis to the promoters/promoter group and create, issue, offer and allot FCCBs up to $20 million.

- Our Bureau

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