Sri Adhikari Brothers Television Network Ltd allots 28,20,000 shares at Rs. 75.10

The Board of Directors of Sri Adhikari Brothers Television Network Ltd at its meeting held on March 28, 2014, have allotted 28,20,000 (Twenty Eight Lacs Twenty Thousand) Equity Shares of Rs. 10/- each of the Company for cash at an issue price of Rs. 75.10 (including premium of Rs. 65.10) per share upon conversion of 28,20,000 warrants issued on preferential basis in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, upon receipt of balance 75% consideration of the issue price.

After this allotment, the paid up share capital of the Company is increased to Rs. 27,76,45,000 divided into 2,77,64,500 equity shares of Rs. 10/- each.

The Board also approved the constitution of a 'Restructuring Committee' of the Board to review the business profile of the Company and its subsidiaries and group companies and to recommend a suitable business proposition by creation of a suitable structure through division/consolidation of entities forming part of the Company and its Group for improved efficiency and control.

Shares of SRI ADHIKARI BROTHERS TELEVISION NETWORK LTD. was last trading in BSE at Rs.71 as compared to the previous close of Rs. 70.05. The total number of shares traded during the day was 12806 in over 247 trades.

The stock hit an intraday high of Rs. 73.2 and intraday low of 70.55. The net turnover during the day was Rs. 913909.

Source : Equity Bulls

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