Safari Industries India Ltd approves issue of shares, warrants at Rs. 600

The Board of Directors of Safari Industries India Ltd vide their circular resolution effective July 21, 2014, have approved the issue and allotment of 8,30,000 (Eight Lakh 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 Lakhs only) on Preferential basis to Tano India Private Equity Fund II.

The Board also approved issue and allotment of 3,30,000 (Three Lakh Thirty Thousand) Share Warrants to Mr. Sudhir M. Jatia, promoter of the Company, entitling the holder of the 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, being not less than the price arrived at in accordance with provisions of Chapter VII of SEBI (ICDR), in one or more tranches, at any time after one month from the date of allotment of the share warrants but within 18 months from the date of allotment.

Shares of SAFARI INDUSTRIES (INDIA) LTD. was last trading in BSE at Rs.724 as compared to the previous close of Rs. 692.55. The total number of shares traded during the day was 434 in over 31 trades.

The stock hit an intraday high of Rs. 740 and intraday low of 701. The net turnover during the day was Rs. 311783.

Source : Equity Bulls

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