Held on 20 June 2014
IOL Chemicals & Pharmaceuticals announced that the Extra Ordinary General Meeting (EGM) of the Company was held on 20 June 2014, wherein members approved the increase in authorised share capital of the Company from Rs 54 crore comprising of 2.20 crore preference shares of Rs 10 each and 3.20 crore equity shares of Rs 10 each to Rs 80 crore comprising of 2.20 crore preference shares of Rs 10 each and 5.80 crore equity shares of Rs 10 each.The members also approved redemption of 1,50,10,000 1% non cumulative redeemable preference shares issued to the promoter group companies and 50,00,000, 7% non cumulative redeemable preference shares issued to non promoter company by issue and allotment of equity shares in accordance with SEBI regulations.
The members approved issue of 42,50,000 equity shares of Rs 10 each at a premium of Rs 18 per share or at a price as determined in accordance with SEBI regulation which ever is higher and 1,10,00,000 warrants with an option to subscribe to an equity share of face value of Rs 10 at a premium of Rs 18 per share or at a price in accordance with SEBI regulations which ever is higher for each warrant to non promoters with in a period of 18 months from date of allotment of warrants.
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