Lyka Labs Ltd to issue warrants to promoter group

The Board of Directors of Lyka Labs Ltd at its meeting held on December 24, 2014, inter alia, has decided to offer and issue subject to the approval of shareholders by way of Special Resolution 230000 Warrants on Preferential basis each to Enai Trading & Investment Private Ltd and N.I. Gandhi - HUF, of Promoter Group aggregating 460000 Warrants with an option of conversion into Equity Shares within a period of 18 months from the date of allotment of Warrants.

The Board approved proposal to offer and issue further 520000 Warrants on Preferential basis each to Enai Trading & Investment Private Ltd and N.I. Gandhi - HUF, of Promoter Group aggregating 1040000 Warrants with an option of conversion into Equity Shares within a period of 18 months from the date of allotment of Warrants, subject to the approval of shareholders by way of Special Resolution and exemption from SEBI from making an Open Offer under SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

The issue price of the Warrants shall be decided in accordance with Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 with Relevant Date being 30 days prior to the Shareholders meeting.

The Board approved proposal to hold an Extra Ordinary General Meeting of the members of the Company on January 23, 2015 for approval of the above mentioned issue of warrants on preferential basis to Promoters / Promoter Group.

Shares of LYKA LABS LTD. was last trading in BSE at Rs.25 as compared to the previous close of Rs. 25.1. The total number of shares traded during the day was 27059 in over 92 trades.

The stock hit an intraday high of Rs. 25.85 and intraday low of 24.8. The net turnover during the day was Rs. 676754.

Source : Equity Bulls

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