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The board of Panama Petrochem has approved to issue of 4,25,000 equity warrants on a preferential basis to promoter group.
Each equity warrants would entitle the holder to subscribe to one equity share of the company at a price of Rs 150. The warrants will be convertible within a period of 18 months from the date of allotment.
The company shall take appropriate steps, to consider authority to the board, from its shareholders in the coming annual general meeting, to issue and allot, from time to time, in one or more tranches, the aforesaid equity warrants.
This was approved at the board meeting held on 31 July 2007.
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