Preferential issue of equity shares and warrants approved; change in control

The Independent Directors approved a preferential issue of up to 32 lakh equity shares at Rs 12 each (face value Rs 10, premium Rs 2), totalling about Rs 3.84 crore, to proposed promoters. This represents 26 percent of emerging voting capital and will trigger an open offer under SEBI rules, resulting in a change of control. Separately, up to 2.16 crore convertible warrants at Rs 12 each, totalling about Rs 25.99 crore, will be issued to promoter group and non-promoters.