The board of Visagar Polytex in its meeting on 29 June 2012 has approved the issue and allotment of 3,40,000 equity shares after conversion of 3,40,000 optionally fully convertible warrants (OFCW's) having face value of Re 1 each at a price of Rs 164 which includes a premium of Rs 163 per share to promoter and other investors on preferential basis.