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CHENNAI: IOL Chemicals & Pharmaceuticals Ltd has informed the BSE that an EGM will be held on October 22 to issue on preferential basis for cash consideration up to 13,30,000 shares of Rs 10 each at a premium of Rs 65 per share to IndiaSTAR (Mauritius) L td, non-promoter of the company.

The meeting will also issue of up to 13,99,998 unsecured 10 per cent fully convertible debentures (FCDs) of Rs 100 each aggregating Rs 13,99,99,800 at annual interest of 10 per cent, payable monthly, convertible in one or more tranches within 18 months f rom the date of allotment into equity shares of Rs 10 each at premium of Rs 65 per share to IndiaSTAR (Mauritius) Ltd.

Beside, it will issue, offer and allot up to 23,00,000 warrants, carrying an option to the holder of such warrants to subscribe to one equity share of Rs 10 at premium of Rs 65 per share for every warrant held, within 18 months from the date of allotment of the warrants.

The issue will comprise 12,00,000 warrants to Mayadevi Polycot Ltd, promoter, and 11,00,000 warrants to IndiaSTAR (Mauritius) Ltd. - Our Bureau

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