Arvind Mills Ltd has informed that the Board of Directors of the Company at its meeting held on September 28, 2007, inter alia, has decided the following: 1. To issue 5,06,00,000 warrants convertible into equity shares to the promoter and / or promoter group on preferential basis, subject to approval of the shareholders and the Extraordinary General Meeting and other statutory approvals, if any.
The warrants are convertible into equity shares within a period of 18 months in one or more tranches at a price of Rs 52/- per share, which is in excess of the price of Rs 51.95 per share calculated in accordance with the relevant SEBI Guidelines for preferential issue.
With the aforesaid preferential issue, the shareholding of promoter / promoter group in the Company will increase from 33.90% at present to 46.77%.
2. Appointed MR. Sanjay S Lalbhai as Chairman of the Company with effect from September 28, 2007 in place of Mr. Arvind N Lalbhai who passed away on August 03, 2007 and he shall be designated as Chairman & Managing Director of the Company.
3. To convene an Extra Ordinary General Meeting of the Company on October 23, 2007 for:
(a) obtaining shareholders approval for abovementioned preferential issue;
(b) Increasing the authorised capital of the Company from Rs 320 crores to Rs 450 crores.
(c) issuing Equity Shares and other Securities under Employee Stock Option Scheme to the Employees of the Company and itssubsidiaries.
Board of Directors has also approved the Notice convening the Extraordinary General Meeting in this regard.
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