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February 12, 2008 |
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LOK HOUSING: Shareholders OK Preferential Allotment of Warrants The shareholders of Lok Housing & Constructions Ltd. have approved the company's proposed Preferential Allotment of 50,00,000 convertible warrants to promoters. The shareholders gave their nods at their Extraordinary General Meeting on Feb. 8, 2008, by passing a special resolution. Pursuant to the resolution, the company will be issuing 50,00,000 warrants on preferential basis to: 1. Seagreen Marketing Pvt Ltd Maximum No of warrants to be allotted: 20,00,000 2. Oryx Finance & Investments Pvt Ltd Maximum No of warrants to be allotted: 20,00,000 3. Midas Footwears Pvt Ltd Maximum No of warrants to be allotted: 6,00,000 4. Ozone Finance And Investments Pvt Ltd Maximum No. of warrants to be allotted: 4,00,000 Headquartered in Mumbai, India, Lok Housing and Constructions Ltd constructs residential buildings. Apart from housing construction, the company manufactures concrete blocks catering to in-house needs. The company is also involved in the construction of railway quarters, railway bridges and slum rehabilitation programs through its associate companies. Credit Rating Information Services of India Ltd, on June 27, 2007, reaffirmed its 'D' rating on Lok Housing's INR170-million non-convertible debentures. The rating continues to indicate that the instrument is in default. The arrears on interest and principal payments have not been entirely cleared. |
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