Shri Lakshmi Cotsyn to convert warrants into shares

Shri Lakshmi Cotsyn Ltd has announced that the Board of Directors of the Company at its meeting held on March 27, 2007, had decided to convert 7,00,000 Lacs warrants out of 11,00,000 warrants into 7,00,000 equity shares of Rs 10/- per each at a premium of Rs 119/- per share. This conversion is well within the permissible limits as per Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. By this conversion, the stake of the promoters shall increase by 4.86% (of the share capital after such conversion) i.e. 4.86% of 1,44,00,000 shares (existing 1,37,00,000 shares and additional on conversion 7,00,000 shares).

Source : Equity Bulls

Keywords