Grabal Alok to issue warrants to promoters group at Rs.145

Grabal Alok Impex Ltd has announced that the Board of Directors, pursuant to resolution passed through postal ballot under section 81 and 81(1A) of the Companies Act, 1956 on March 31, 2007, at their meeting held on April 14, 2007 issued and allotted the warrants convertible into equity shares as per SEBI Guidelines for Preferential Allotment to the Promoters group, as per the following details:

1. 7,57,800 Warrants to Niraj Realtors & Shares Pvt Ltd and 2,72,200 Warrants to Jiwrajka Investment Pvt Ltd at a price of Rs 145/- per warrant determined as per SEBI guidelines. The Warrants holders have paid an equivalent of 10% of the total consideration before the allotment and the balance would be payable upon exercise of the conversion option. The Warrant holders would be allotted one equity share of the Company, of Rs 10/- each, on payment of an exercise price of Rs 145/ per share, on or before March 31, 2008; and

2. 4,00,000 Warrants to Jiwrajka Investment Pvt Ltd and 6,30,000 Warrants to Nirvan Holdings Pvt Ltd at a price of Rs 145/- per warrant determined as per SEBI guidelines. The Warrants holders have paid an equivalent of 10% of the total consideration and the balance would be payable upon exercise of the conversion option. The Warrant holders would be allotted one equity share of the Company, of Rs 10/- each, on payment of an exercise price of Rs 145/- per share, on or before August 31, 2008.

Source : Equity Bulls

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