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The members of IMP Powers have accorded the board to offer, issue and allot 11,80,000, 8.75% compulsorily convertible preference shares of par value Rs 161 each, which shall be convertible into 11,80,000 equity shares of Rs 10 each at premium of Rs 151 per share within a period not exceeding eighteen months from the date of allotment on a preferential basis to the persons falling under category of person other than promoter group.
The members have accorded the board to offer, issue and allot 5,00,000 warrants convertible into equity shares with in a period not exceeding 18 months from the date of allotment at an exercise price of Rs 161 per share, which shall be convertible into 5,00,000 equity shares of Rs 10 each at premium of Rs 151 per share with in a period not exceeding 18 months from the date of allotment on a preferential basis to Universal Transformers (250000 warrants) and Mang Laboratories (250000 warrants) falling under category of promoter group.
The members have accorded the board to offer, issue and allot 2,00,000 warrants convertible into equity shares with in 12 months from the date of allotment at an exercise price of Rs 171 per share, which shall be convertible into 2,00,000 equity shares of Rs 10 each at premium of Rs 161 per share with in 12 months from the date of allotment on preferential basis to Brescon Corporate Advisors falling under category of person other than promoter group.
Further, the board has accorded to increase the existing authorized share capital of the company from Rs 15,00,00,000 to Rs 34,00,00,000.
This was accorded at the extra ordinary general meeting held on 01 September 2007.
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