KLG Systel allots warrants to Goldman Sachs, BNP Paribas

KLG Systel Ltd has announced that the Board of Directors of the Company at its meeting held on June 20, 2007, has allotted 5,00,000 warrants to the strategic investors of the Company namely Goldman Sachs (Asia) Finance - 350,000 warrants and BNP Paribas Arbitrage Ltd - 1,50,000 warrants in compliance with the Special Resolution passed in its Annual General Meeting of the Company held on June 07, 2007 on preferential basis @ Rs 362 per warrant convertible at the option of the warrant holder into equity shares of Rs 10/- each at a premium of Rs 352/- per share, within a period of 18 months from the date of allotment, in accordance with the provisions of Chapter XIII on preferential issues of SEBI (Disclosure and Investor Protection) Guidelines, 2000 in this behalf.

Further the Board has appointed Mr. Subir Raha and Mr. V S Jain as additional Director of the Company in the capacity of an Independent and Non-executive Director with effect from June 20, 2007.

The stock closed the day at Rs.400.60, up by Rs.22.05 or 5.82%. The stock hit an intraday high of Rs.410 and low of Rs.380.70. The total traded quantity was 89463 compared to 2 week average of 35784.

Source : Equity Bulls

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