Praj Industries converts warrants into equity shares

Praj Industries Ltd has announced that the Company has issued warrant to specified investors on preferential basis on the strength of EOGM resolution dated May 02, 2006. The warrants were issued in the month of May 2006 & were to be converted within a period of 18 months.

Further the Company has informed that the warrant holders have exercised their warrants in the month of June 2007 by paying balance 90% of the amount as detailed below:

1. Name of the Warrant holder: Mr. Vinod Khosla, USA
No. of Warrant: 6,489,000
Amt. received (Rs in millions): 702.272

2. Name of the Warrant holder: Mr. Pramod Chaudhari
No. of Warrant: 405,000
Amt. received (Rs in millions): 43.831

3. Name of the Warrant holder: Mr. Shashank Inamdar
No. of Warrant: 252,000
Amt. received (Rs in millions): 27.273

4. Name of the Warrant holder: Mr. Berjis Desai
No. of Warrant: 154,125
Amt. received (Rs in millions): 16.680

These warrant holders had paid 10% of the amount at the time of issuance of warrant & balance 90% is paid now. The conversion price for the warrants is Rs 120.25 per share.

The stock was trading at Rs.524.10, up by Rs.1.60 or 0.31%. The stock hit an intraday high of Rs.535 and low of Rs.522.50. The total traded quantity was 219469 compared to 2 week average of 371534.

Source : Equity Bulls

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