GMR Infrastructure Converts partly paid up shares into fully paid up shares

GMR Infrastructure Ltd has announced that the "Management Committee" of the Board of Directors of the Company had vide their resolutions dated August 17, 2006 and August 24, 2006, allotted 3,223,500 equity shares (in total) of the Company, having paid up value of Rs 5 each (partly paid shares). The last date for receipt of balance payment on these shares was September 07, 2006. As per the certificate received from the Collection Bankers and the Report of the Registrar & Transfer Agents of the Company, payment has been received in full, in respect of 2,725,650 partly paid shares. In respect of the balance 497,850 partly paid shares, payment is yet to be received and the same will be received along with delayed interest. These shares are eligible for trading as they are fully paid up.

Now, consequent upon receipt of balance amount from share holders of 2,725,650 equity shares of Rs 10 each having paid up value of Rs 5 each, allotted in the Initial Public Offer (IPO) of the Company, the "Management Committee" has in its meeting on September 16, 2006 accorded its approval for the conversion of 2,725,650 partly paid up equity shares of Rs 10 each, having paid up value of Rs 5 each, into fully paid up shares of Rs 10 each.

The Management Committee has also accorded its approval for the conversion of remaining 497,850 partly paid equity shares of Rs 10 each, having paid up value of Rs 5 each, in respect of which the balance payment is yet to be received, into fully paid shares of Rs 10 each, and the corporate action for making these shares fully paid and eligible for trading will be generated, as and when the balance payment is received from the respective shareholders.

Source : Equity Bulls

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