JSW Steel allots Equity Warrants on preferential basis at Rs.272

JSW Steel Ltd has announced that the Share Allotment Committee of Directors at its meeting held on September 21, 2006, have allotted 5,00,000 Series A Warrants and 15,00,000 Series B Warrants to Mr Sajjan Jindal & 65,00,000 Series A Warrants and 65,00,000 Series B Warrants to Samarth Holdings Pvt Ltd.

Each of these warrants are convertible into Equity shares at the option of the Warrant holders into 1 Equity share of the face value of Rs 10/- each of the Company at a price of Rs 272/-.

The 70 Lakh Series A warrants are convertible into Equity Shares on or before March 31, 2007 and the 80 Lakh Series B warrants are convertible into Equity Shares between April 01, 2007 to March 22, 2008.

The shareholding of 45.15% held by promoter as on June 30, 2006 will increase to 47.49% on conversion of 70 lakh warrants on or before March 31, 2007 and will further go up by 49.93% on conversion of balance 80 lakh warrants between April 01, 2007 to March 22, 2008.

Source : Equity Bulls

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