Genus Overseas to allot 6,00,000 convertible warrants

Genus Overseas Electronics Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2007, has decided to allot 6,00,000 convertible warrants as follows:

A. 2,00,000 convertible warrants, each convertible warrant convertible into and / or providing the holder the option to subscribe to one fully paid-up equity share of Rs 10/- each (aggregating to 2,00,000 equity shares) at a price of Rs 342.50 per equity share to Mr. Ishwar Chand Agarwal, Chairman & Managing Director (One of the promoters) and;

B. 4,00,000 convertible warrants, each convertible warrant convertible into and / or providing the holder the option to subscribe to one fully paid-up equity share of Rs 10/- each (aggregating to 4,00,000 equity shares) at a price of Rs 342.50 per equity share to M/s. Vivekshil Dealers Pvt Ltd, a Indian Private Limited Company.

Further the Company has informed that, the Company has already received the 10% of the Issue price (i.e. Rs 34.25) as per the SEBI (DIP) Guideline for Preferential Issue.

Source : Equity Bulls

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