Safari Industries India Ltd to allot share to Tano India PE Fund II

The Board of Directors of Safari Industries India Ltd at its meeting held on June 16, 2014, have approved the classification of 10,00,000 (Ten Lacs) unclassified shares from the existing 60,00,000 (Sixty Lacs) unclassified shares of Rs. 10/- each forming part of the existing Authorised Share Capital into 10,00,000 (Ten Lacs) Equity Shares of Rs. 10/- each aggregating to Rs. 1,00,00,000 (Rupees One Crore only) and consequent amendment of the Memorandum and Articles of Association to give effect to the revised composition of the Authorised Share Capital as (i) 50,00,000 (Fifty Lacs) Equity shares of Rs. 10/- each aggregating to Rs. 5,00,00,000 (Rupees Five Crore); and (ii) 50,00,000 (Fifty Lacs) unclassified shares of Rs. 10/- each aggregating to Rs. 5,00,00,000 (Rupees Five Crores)

The Board approved issue of upto 8,30,000 (Eight Lacs Thirty Thousand) Equity shares of Rs. 10/- each at a price of Rs. 600/- per share (inclusive of premium of Rs. 590/- per share) aggregating to Rs. 49,80,00,000/- (Rupees Forty Nine Crores Eighty Lacs only) on Preferential basis to Tano India Private Equity Fund II.

The Board also approved issue of upto 3,30,000 (Three Lacs Thirty Thousand) Share Warrants to Mr. Sudhir M. Jatia, the promoter of the Company, entitling the holder of Share Warrants, from time to time, to apply for and obtain allotment of one Equity Share of the face value of Rs. 10/- each at a price of Rs. 600/- per Equity Share (inclusive of premium of Rs. 590/- per share) against each Share Warrant("Warrant Exercise Price"), being not less than the price arrived at in accordance with provisions of Chapter VII of SEBI (ICDR), in one or more tranches, in such manner and on such terms and conditions in accordance with the SEBI (ICDR) Regulations or other provisions of the law as may be prevailing at the time.

An Extra-ordinary General Meeting of the Company will be held on July 16, 2014 at Mumbai for obtaining Shareholders approval for the Preferential Issue of Equity Shares to Investors and Share Warrants to the Promoter as stated herein above. Accordingly, the relevant date for the pricing of both the aforesaid Preferential issue of equity shares and Share Warrants is June 16, 2014.

Shares of SAFARI INDUSTRIES (INDIA) LTD. was last trading in BSE at Rs.601 as compared to the previous close of Rs. 600.15. The total number of shares traded during the day was 191 in over 21 trades.

The stock hit an intraday high of Rs. 635 and intraday low of 600.1. The net turnover during the day was Rs. 117048.

Source : Equity Bulls

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