Kemrock Industries converts 42500 warrants at Rs.185

Kemrock Industries & Exports Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2007, has considered and approved the conversion of 42,500 warrants (out of 4,25,000 warrants comprised in Part-A of the warrants issued) into Equity Shares of Rs 10/- each at a price of Rs 185/- per share (inclusive of premium of Rs 175/- per share) and allotment thereof to Mr. Vinod Patel, a Non Resident Indian, upon partially exercising his option to convert warrants into equity shares. The allotment of these 42,500 fully paid-up equity shares are made absorbing / adjusting Rs 78,62,500/- representing 10% of the total issue price of warrants (comprised in Part-A) paid in advance by Mr. Vinod Patel.

The unexercised option, for converting remaining 3,82,500 warrants into equity shares, comprised in said Part-A of the warrants shall be deemed to have lapsed at the end of their term.

Consequent to the above allotment, the paid up share capital of the Company has gone up from 75,07,500 equity shares of Rs 10/- each aggregating to Rs 7,50,75,000/- to 75,50,000 equity shares of Rs 10/- each aggregating to Rs 7,55,00,000/-.

The above shares would be subject to necessary Lock-in provisions, as per the SEBI Guidelines.

Source : Equity Bulls

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