Wednesday, October 24, 2007

Vikas WSP - Outcome of Board Meeting on 24/10/2007

Vikas WSP informed BSE vide below notice Published at BSE site about the Outcome of Board Meeting that held on 24/10/2007.

Vikas WSP Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 24, 2007, inter alia, has concluded the following businesses:

1. The Board of Directors unanimously approved to issue 2475000 equity shares on preferential basis to Sh. B D Agarwal (Promoter) at an aggregate price of Rs 82.50 per share (Premium Rs 81.50 per share and face value Rs 1/- per share) or at a price calculated as per SEBI formula which ever is higher subject to the SEBI guidelines. However, the difference, if any, is worked out as per SEBI formula, will be paid by the promoters.

2. The Board of Directors unanimously authorized Sh. B D Agarwal, Managing Director of the Company to consider for placing not more than 15% i.e. 2.40 Crore equity shares of the post issue capital of approx Rs 16.02 Cr on Preferential basis to each FIIs. The maximum total number of shares to be issued would be 4.80 Crore. The aggregate share price would be Rs 82.50 crore or to be calculated as per SEBI formula, which ever is higher according to SEBI (DIP) guidelines. The negotiations in respect of placement of shares will be done with these FIIs during London (UK) visit of Sh. B D Agarwal w.e.f. October 28, 2007 to November 01, 2007.

3. The funds so raised will be used to part finance the ongoing planned projects of the Company as under:-

A. BARODA PROJECT - For the manufacture of guar derivatives for use in ENERGY SECTOR i.e. oil & gas wells fracturing / exploration.

B. BIKANER PROJECT - For the manufacture of Organic Guar Polymers & other products for use in organic food applications.

4. The Board also authorized Sh. B D Agarwal to comply with all the legal formalities whatsoever in respect of items No. 1 and 2 above and also to appoint consultants, etc., as needed.

The above notice can be accessed at this Link of BSE here

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