Ballarpur Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 29, 2010, inter alia, have : 1. Noted and accepted proposal of Mr. Gautam Thapar relinquishing post of Executive Chairman of the Company w.e.f. April 01, 2010 and consequent re-designation as Non Executive Chairman of the Company. 2. Subject to approval of the Members of the Company, approved the offer, issue and allotment of the following securities to BILT Paper Holdings Ltd ("BPHL"), a promoter of the Company ("Promoter") on a preferential basis, in order to augment its balance sheet, meet long term capital requirements for pursuing expansion / growth opportunities and general corporate purposes: (i) 4,50,00,000 equity shares of the face value of Rs. 2.00 each of the Company, at a price as determined in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("ICDR") or Rs. 30/- per equity share, whichever is higher. The relevant date for the purpose of computation of the minimum issue price in accordance with the ICDR being February 01, 2010. The allotment shall be completed within 15 days of receipt of relevant approvals / date of Extraordinary General Meeting, whichever is later. Consequently, the promoter group shareholding shall increase from 40.30% to 44.77% of the post issue paid up share capital of the Company. (ii) 5,50,00,000 unsecured Zero Coupon Compulsory Convertible Bonds ("ZCB"), at an issue price as date in accordance With ICDR or Rs. 30/- per equity share, whichever is higher. The ZCB shall be convertible into 5,50,00,000 fully paid up equity shares of the face value of Rs. 2.00 each of the Company at the option of the Promoter, anytime within 18 months from the date of allotment. The relevant date for the purpose of computation of the minimum issue price in accordance with the ICDR being February 01, 2010. Consequently, upon conversion of the ZCB, the promoter group shareholding shall increase from 44.71% to 49.40% of the post issue paid up share capital of the Company. (iii) The equity shares shall be fully paid up at the time of allotment / conversion and shall rank pari passu with the existing equity shares of the Company in all respects and be listed on the Stock Exchanges where the Company's shares are listed. (iv) An Extra-ordinary General Meeting of the Members of the Company has been convened on March 03, 2010 to consider the aforesaid preferential issue to the Promoter. (v) Approved draft notice for convening the aforesaid Extra-ordinary General Meeting.
Source: BSECourtesy moneycontrol.com
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