Outcome of Board Meeting

Rainbow Papers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 20, 2011, has considered the following:

1. The Board of Directors, subject to necessary approvals, has passed a fresh resolution to issue 40,00,000 Equity Shares of Rs. 2/- each, to one of the Promoter Group Company, on preferential basis at a price of Rs. 61/- per equity share, pursuant to SEBI (ICDR) Regulations, 2009. This is in supersession of the earlier resolutions passed at the Extra Ordinary General Meeting held on April 20, 2011 and has been necessitated on account of pending approval of regulatory authorities. Post allotment of the proposed 40,00,000 equity shares, the promoter group holding shall increase from 29.76 to 32.84%,

2. The Board of Directors, subject to necessary approvals, has passed a fresh resolution to issue 60,00,000 warrants (convertible into 60,00,000 equity shares, within a period of 18 months from the date of allotment of warrants) of Rs. 2/- each at a price of Rs. 61/- per warrant, to one of the Promoter Group Company, on preferential basis, pursuant to SEBI (ICDR) Regulations, 2009. This is in supersession of the earlier resolutions passed at the Extra Ordinary General Meeting held on April 20, 2011 and has been necessitated on account of pending approval of regulatory authorities. Post allotment of the proposed 60,00,000 equity shares arising on account of conversion of warrants, the promoter group holding shall increase from 32.84 to 36.986%.

3. The Board of Directors has decided to file a petition before the Honble High Court of Gujarat for utilization of Securities Premium Account for meeting the deferred tax liability in terms of provisions of Section 78 and Section 100 of the Companies Act, 1956 read with Accounting Standard - 22, for F.Y. 2011-12 and onwards.

4. With a view to seek approval of the members on the above matters, to convene an Extra Ordinary General Meeting of the members of the Company for obtaining approval under Section 81(1-A) & Section 100 of the Companies Act, 1956 on August 18, 2011, at 8th Floor, Avdhesh House, Opp. Guru Govind Gurudwara, SG Highway, Thaltej, Ahmedabad.

Source : BSE - >www.bseindia.com

Published on July 20, 2011
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