Eco Recycling Ltd: Outcome of EGM

Eco Recycling Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 05, 2011, inter alia, have passed the resolution to create, offer, issue and allot up to 8,00,000 (Eight Lakhs) Convertible Equity Warrants in one or more tanches, to Bennett Coleman & Company Limited (BCCL - Non Promoter Group), on preferential allotment basis, on such terms and conditions and in such manner as the Board may think fit, each Warrant entitling the holder thereof to apply for and be allotted one (1) equity share of a nominal value of Rs 10/- each, at a price of not less than Rs. 43/- which includes a premium of Rs. 33/- per share as calculated in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, or such other higher price which the Board in its absolute discretion may deem fit and appropriate at such time as may be permitted under the applicable SEBI regulations as amended from time to time but shall not exceed Rs. 45/- (including premium) as agreed between the Company and the allottee (BCCL), subject to necessary provisions and approvals.Read More