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Tuesday, May 10, 2011

Kemrock Industries and Exports Ltd: Outcome of Allotment Committee Meeting

Kemrock Industries and Exports Ltd has informed BSE that the Allotment Committee of the Board of Directors of the Company ("Committee") at its meeting held on May 10, 2011, approved the conversion of 19,000 warrants into equal number of equity shares of Rs.10/- each upon exercise of option by M/s RPM International Inc., USA, to convert their 19,000 warrants into equity shares out of total 6,88,732 warrants held by them.

Accordingly, the Committee has allotted 19,000 equity shares to M/s. RPM International Inc., USA, on preferential basis, upon receipt of balance consideration of 75% (Rs.51,30,000/-,) payable on such conversion.

The above equity shares allotted to M/s. RPM International Inc., USA, are in accordance with the special resolution passed at the Annual General Meeting of the Company held on August 28, 2009 and as per the terms and conditions of Warrants issued to them at the Board Meeting held on December 23, 2009, and pursuant to applicable SEBI (ICDR) Regulations, 2009 for preferential allotment.

Consequent upon allotment of equity shares, as aforesaid, the paid-up share capital of the Company stands increased to Rs.16,77,24,660/- divided into 1,67,72,466 equity shares of Rs.10/- each.

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