Autolite (India) Ltd to seek nod for issue of warrants

The Board of Directors of Autolite (India) Ltd at its meeting held on March 15, 2014, has approved conversion of 397,500 warrants into equity shares out of the 11,25,000 warrants which were earlier allotted to promoters and their associates on October 16, 2013 and the issue of which was approved by the shareholders at 36th Annual General Meeting of the Company held on September 14, 2013.

The Board authorised Board of Directors of the Company to make fresh issue of 600,000 warrants convertible within 18 months at Rs. 18/- per warrant convertible into one equity share of Rs. 10/- at a premium of Rs. 8/- per share on preferential basis to the promoter and strategic investors as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 subject to approval of members in the forthcoming Extra-ordinary General Meeting.

500,000 warrants convertible within 18 months at Rs. 18/- per warrant convertible into one equity share of Rs. 10/- at a premium of Rs. 8/- per share on preferential basis to the promoters and 100,000 warrants convertible within 18 months at Rs.18/- per warrant convertible into one equity share of Rs. 10/- at a premium of Rs. 8/- per share on preferential basis to the strategic investors.
An Extra-ordinary General meeting of the Company shall be held on April 15, 2014 at the Registered Office of the Company at 11.00 a.m.

The Board approved notice of Extra-ordinary Genera! Meeting of the Company to be held on April 15, 2014.

Shares of AUTOLITE (INDIA) LTD. was last trading in BSE at Rs.18.25 as compared to the previous close of Rs. 17.75. The total number of shares traded during the day was 14244 in over 113 trades.

The stock hit an intraday high of Rs. 18.95 and intraday low of 17.6. The net turnover during the day was Rs. 258004.