Shetron Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 26, 2007, inter alia, to transact the following business:
1. To issue, offer end allot in one or more tranches, in the course of domestic / international offerings to Domestic / Foreign. Investors / Institutional Investors / Foreign Institutional Investors, Members, Employees, Non-Resident Indians, Companies or Bodies Corporate whether incorporated in India or abroad Trusts, Mutual Funds, Banks, Financial institute Insurance Companies, Pension Funds, Individuals or otherwise, whether shareholders of the Company or not, through a Public issue, Rights Issue, Preferential Issue and / or Private Placement, with or without an over-allotment option, Global Depository Receipts (GDRs) and / or American Depositary Receipts (ADRs) convertible into equity shares, foreign currency convertible bonds (FCCBs), warrants convertible into depositary receipts with underlying equity shares / equity shares / equity share or a combination of the foregoing (”Securities”) secured or unsecured, listed on any stock exchange inside India or any international stock exchange outside India, through an offer document and / or prospectus and / or offer letter and / or offering circular, and / or listing particulars, as the Board in its sole discretion may at anytime or times hereafter decide, for an aggregate sum of upto US$25 million or equivalent in Indian / or any other currency (ies) with such premium as may be appropriate, wherever necessary in consultation with the lead managers, subject to necessary provisions & approvals.
2. To borrow (for Company purposes) on such terms and conditions as they may deem fit, monies in excess of the aggregate of the paid-up capital of the Company and its free reserves, that is to say, reserves not set aside for any specific purpose, but so that the total amount of the monies which may be borrowed together with the monies already borrowed by the Company (apart from short term loans obtained from the Companies bankers in the ordinary course of business), shall not exceed Rs 20,000 lacs, subject to necessary provisions & approvals.
3. To issue, offer and allot upto 2 million warrants (”Warrants”) on preferential allotment basis, on such terms and conditions and in such manner the Board may think fit, each Warrant entitling the holder thereof to apply for and be allotted one (1) equity share of Rs 10 per Warrant, which conversion must be made within a period not exceeding eighteen (18) months from the date of allotment of the Warrants, in one or more tranches, in accordance with SEBI (DIP) Guidelines and other relevant guidelines as may be applicable, such that the equity shares to be issued on exercise of Warrants so issued or allotted, give rise in aggregate upto 20,00,000 (twenty lakh only) equity shares of Rs 10/- each fully paid up at a premium of not less that Rs 50/ per equity share aggregating to Rs 12,00,00,000 (Rupees twelve crores only) of which a sum of upto (10%) per Warrant would be payable at the time of allotment of the Warrant (aggregating upto Rs 1,20,00,000 (Rupees One crore and twenty lakhs) and balance sum of (90%) per Warrant aggregating to Rs 10,80,00,000 (Ten crore eighty lakhs only) would be payable at the time of exercise of the Warrant to:
i) Shetron Enterprises Pvt Ltd: upto 10,00,000 Warrants and
ii) Konjal Machines Pvt Ltd: upto 10,00,000 Warrants;
on such terms and conditions and in such manner as the Board may think fit and such equity shares to be allotted to the holders of the Warrants on exercise shall rank paripassu in all respects including entitlement for dividend with the then existing equity shares of the Company, subject to necessary provisions & approvals.