Panama Petrochem’s board of directors at its meeting held on May 31, 2006, has decided to issue not more than 5 lakh warrants carrying an option / entitlement to convert into equivalent number of equity shares of Rs 10 each of the company on preferential basis at Rs 153 per equity shares or on price to be determined in accordance with SEBI regulations, whichever is higher, for the preferential allotment for the expansion plan and future working capital of the company.