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A meeting of Board of Directors of Lakshmi Energy and Foods Limited (formerly Lakshmi Overseas Industries Limited) is scheduled to be held on Thursday, 4th September, 2008, inter alia, to consider and approve allotment of 31,50,000 equity shares of Rs.2/- each at a premium of Rs.185/- per share to M/s Ganeshay Overseas Industries Limited-an entity belonging to the Promoters' Group on conversion of 6,30,000 Convertible Warrants (each warrant convertible into 5 equity shares of Rs.2/- each at a price of Rs.187/- per share) allotted to them by the Company on 6th March 2007 as per in-principle approval of Bombay Stock Exchange Ltd (BSE) vide BSE letter no. DCS/PREF/PGS/PRE/1023/06-07 dated 21st February 2007.
10% upfront amount (i.e Rs.5,90,00,000/-) was received by the company vide DD/Payorder no.022051 dated 08-12-2006 before the allotment of warrants as per SEBI guidelines. Balance 90% amount (i.e Rs.53,00,50,000/-) has been received vide Demand Draft/Payorder No.014617/587/2008 dated 03-09-2008 drawn on Punjab National Bank, Mohali alongwith request from M/s Ganeshay Overseas Industries Limited (an entity belonging to the Promoters' Group) for conversion into equity shares. |
