Vakrangee Ltd allots 2.5 crore warrants

The Board of Directors of Vakrangee Ltd at its meeting held on January 20, 2014, has considered and approved allotment of 2,50,00,000 Fully Convertible Warrants on Preferential basis as per the SEBI ICDR Regulations to M/s. Vakrangee Capital Private Limited, a Promoter group Company, at an exercise price of Rs. 100/- per Warrant, convertible each into equivalent number of equity share having face value of Re. 1/- per share at a premium of Rs. 99/- per share, convertible at the sole option of the allottee in one or more tranches at any time after the date of allotment but before expiry of 18 months from the date of allotment, as per the subject to members' approval.

The Board approved the Postal Ballot Notice and Postal Ballot Form for the aforementioned matter as recommended by preferential allotment committee.

The Company has received 40.56% of the total receivable, aggregating to Rs. 101,40,00,000/- (Rupees One Hundred One Crore and Forty Lakh Only), from M/s. Vakrangee Capital Private Limited (the allottee), on application before allotment of warrants and the balance consideration shall be paid by the allottee before the allotment of equity shares pursuant to conversion of convertible warrants, as per SEBI ICDR Regulations and post members' approval for the said preferential allotment.

Shares of Vakrangee Ltd was last trading in BSE at Rs.91.45, up by Rs.0.50 or 0.55%. The stock hit an intraday high of Rs.93.90 and intraday low of Rs.90.25.

The total traded quantity was 1.65 lakh shares as compared to 2 week average of 2.42 lakh shares.

Source : Equity Bulls

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