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Friday, Sep 01, 2006

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Markets - Preferential Allotments
MosChip approves warrants issue

Our Bureau

Hyderabad , Aug. 31

MosChip Semiconductor Technology Ltd has informed the BSE that its board of directors on Thursday approved issue of 16.5 lakh convertible warrants on a preferential basis.

Those include Mr Achal Ghai (3 lakh), Dr Madhu Mohan (2 lakh), Mr K. Ramachandra Reddy (5 lakh), Mr C. Dayakar Reddy (5 lakh) and Ms Sandhya Reddy (1.5 lakh) at Rs 31 each per warrant subject to statutory approvals.

The company also approved re-appointment of Mr K. Ramachandra Reddy as Chairman and CEO, and Mr C. Dayakar Reddy as Managing Director. Mr Vivek Bhargava, Chief Financial Officer, has moved out to pursue his own business, but will continue to serve as advisor to the company.

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