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The board of Syncom Formulations India has decided to issue 3,10,000 equity shares of Rs 10 each of at a premium of Rs 36 per share aggregating Rs 142.60 lakhs to the promoter of the company on preferential basis.
The board has decided to issue 3,25,000 warrants of Rs 46 each convertible into one equity shares of Rs 10 each of at a premium of Rs 36 per share aggregating Rs 149.50 lakhs to the person acting in concert with the promoter company on preferential basis with option to the subscribers to get equity shares upon exercise of option in single or more than one trench within a period of 18 months from the date of allotment of warrants.
The board has decided to increase the authorized share capital of the company from Rs 600 lakhs to Rs 1000 lakhs by creation of 40,00,000 new equity shares of Rs 10 each.
Further, the board has decided to convene extra ordinary general meeting on 10 March 2008.
This was decided at the board meeting held on 15 February 2008.
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