The board of Adf Foods has approved allotment of shares to the shareholders of Lustre Investment under the scheme of arrangement between Lustre Investment and the company as per the swap ratio and listing of the said shares on the stock exchange.The board approved investment by Schroder Credit Renaissance Fund, USA and by Schroder Credit Renaissance Fund L. P., USA in the company's shares to the extent of Rs 18.55 crore and allotment of 26,50,000 shares of Rs 10 each to be issued at Rs 70 each under preferential issue subject to obtaining shareholders' approval at an EGM to be convened and to list the said shares on the stock exchange.
The board approved issue of 15 lakh warrants (1 warrant translating into 1 Share) to the promoters and / or their relatives and friends and idependent drectors of the company.
The board also approved to increase the authorised share capital of the company from Rs 16 crore to Rs 25 crore.
These were approved at the board meeting held on 13 October 2007.
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