Kirloskar Electric allots 20,00,000 shares to promoters

Kirloskar Electric Company Ltd has announced that the meeting of the Committee of the Board held on July 20, 2007 for allotment of equity shares to Promoter Stakeholders of the Company, the Committee have allotted 20,00,000 equity shares of Rs 10/- each at a premium of Rs 20/- per share to the following Companies, as per the Scheme of Arrangement as approved by the Hon'ble High Court of Karnataka.

1. Kirloskar Power Equipments Ltd : 11,33,000 (No. of Shares allotted)

2. Abhiman Trading Company Pvt Ltd : 8,67,000 (No. of Shares allotted)

The shares so allotted shall rank pari passu with the existing shares and are eligible for pro-rata dividend, if declared, for the financial year 2007-08.

The shares are locked in for a period of three years during which they cannot be sold / hypothecated / transferred.

Source : Equity Bulls

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