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EMCO to issue warrants to promoters

MUMBAI, FEB. 7. EMCO will issue 2.7 lakh warrants convertible into 5.4 lakh equity shares to its two promoters on a preferential basis. The board, which met here today, approved a proposal to issue and allot these warrants carrying options or entitlements to subscribe to equity shares in future, the company informed the BSE. . Rajesh Jain, one of the promoters, would be issued maximum 1.13 lakh warrants while Shailesh Jain, another promoter, would be issued 1.56 lakh warrants, it said.

The allotment of first set of 2.7 lakh shares against the warrants would be made on or before March 31, 2005, it said adding that the second set of 2.7 lakh shares would be allotted on or after April, 2005 but not later than 15 months from the date of issue of warrants. The company would hold an extraordinary general meeting on March 9 for shareholders' approval, it said.

Last week, the Reliance group company BSES Infrastructure had picked up through open market operations 4.98 lakh shares, constituting 8.21 per cent stake in the power equipment manufacturing company.

PTI

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