Indian Hotels Company Ltd allots Shares on conversion of Warrants to Tata Sons Ltd.

Tata Sons Limited vide their letter dated June 22, 2012, has exercised the option to convert 4,80,00,000 Warrants where each Warrant entitled Tata Sons Limited to subscribe to one Ordinary Share of Indian Hotels Company Ltd of Rs. 1/- each of the Company @ Rs. 103.64 per share.

Pursuant to receipt of money from Tata Sons Limited, the Committee of Directors has on June 22, 2012 approved the allotment of 4,80,00,000 Ordinary Equity Shares of Rs. 1/- each of the Company at a premium of Rs. 102.64 per share aggregating to Rs. 497.47 crores (of which 25% amounting to Rs. 124.37 crores had been received on allotment of Warrants), in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Indian Hotels Company Ltd stock was trading at Rs.61.65, up by Rs.0.05 or 0.08%. The stock hit an intraday high of Rs.62.80 and low of Rs.61.30.

The total traded quantity was 1.17 lakhs compared to 2 week average of 1.92 lakhs.

Source : Equity Bulls

Keywords