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Outcome of Board Meeting

| Updated on January 19, 2011 Published on January 19, 2011

Chemcel Bio-Tech Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 18, 2011, inter alia, has taken the following decision, subject to the approval of the Company at its Extra-ordinary General Meeting (EGM) to be held on February 14, 2011.

Pursuant to the provisions of Section 81 (1A) and all other applicable provisions of the Companies Act, 1956 (including any statutory modifications or re-enactment thereof, for the time being in force) and pursuant to the provisions of Chapter VII of the SEBI [(Issue of Capital and Disclosure Requirements) Regulations, 2009], the Company shall issue not exceeding 20,00,000 Equity Shares of Rs. 10/- each at a price of Rs. 10/- aggregating to Rs 2,00,00,000 (Two Crores Only) to M/s. Europlus one Realty Pvt. Ltd., and 40,00,000 warrants convertible into Equity shares with in a period of 18 months at a Price of Rs. 10/- per each to M/s. Nuvent Equity Private Limited (20,00,000 warrants) and M/s. Vaishnavi Securities Ltd., (20,00,000 warrants) on preferential basis, subject to the shareholders approval, as aforesaid.

The said warrants would entitle the holder (thereof to apply for and obtain allotment of on Equity Share of Rs. 10/- each thereof on a future date not exceeding 18 months from the date of allotment of warrant and the allotment of shares on Preferential basis as per the Chapter VII of the SEBI [(Issue of Capital and Disclosure Requirements) Regulations, 2009] at an issue price of the SEBI [(Issue of Capital and Disclosure Requirements) Regulations, 2009] at an issue price of Rs. 10/- per share. The issue price for the warrants is fixed at 25% of the issue price of the resulting shares upon conversion.

The "Relevant Date" for the purpose of determining the said issue price for preferential Issue of the warrants and resultant shares as aforesaid is January 14, 2011 i.e. 30 days prior to the date of the Extra-ordinary General Meeting to be held on February 14, 2011 at which the said preferential issue will be considered for approval in terms of Chapter VII of the SEBI [(Issue of Capital and Disclosure Requirements) Regulations, 2009].

Further the Company has informed that, Board has taken the decision to hold the Extra-ordinary General Meeting (EGM) on February 14, 2011.

Source : BSE - >www.bseindia.com

Published on January 19, 2011
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