Board at meeting held today, interalia, considered expansion of Co.s businesses,by incorporating wholly owned subsis., into new business ventures of Life&General Insurance,&then applying for necessary regulatory approvals.To capitalize and fund these businesses and to augment long term resources to improve the financial leveraging strength of Co., Board considered raising funds & as reflection of confidence that the promoters have in future of Co., promoter group entities of Co. have agreed to subscribe to offer and infuse further capital. Board accordingly approved preferential issue of upto 3.50cr Warrants, convertible into equivalent number of eq.shares of facevalue Rs.2/- each of Co.at conversion price of Rs.132(including a premium of Rs.130) per eq.share to promoter group entities, in accordance with provisions of ChVII of SEBI ICDR Reg.Total fund infusion by Promoter group entities would aggregate to Rs.462 Crores post conversion of warrants.For details, refer attached file.
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