Bombay Dyeing allots Warrants

Bombay Dyeing & Manufacturing Company Ltd has announced that in terms of the Special Resolution passed by the shareholders to issue and allot up to 19,30,000 warrants with option to apply for and be allotted in one or more tranches one equity share of Rs 10 each per warrant any time within 18 months from the date of issue of the warrants for cash on a preferential basis to The Bombay Burmah Trading Corporation Ltd (BBTCL), a Company in the Promoter Group of the Company, at Rs 616/- per share of Rs 10/- each on such terms and conditions as prescribed under the applicable SEBI Guidelines, a letter of offer was issued to BBTCL on August 28, 2007 for the said number of Warrants.

Further the Company has informed that, The Bombay Burmah Trading Corporation Ltd (BBTCL) has accepted the above offer by their letter dated September 05, 2007 and has paid 10% of the price fixed in terms of clause 13.1.1.1 contained in Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

The Committee of Directors constituted by the Board of Directors at its meeting held on September 07, 2007 has approved the allotment of warrants to BBTCL as per the details below:

- No of Warrants : 19,30,000

- Entitlement of equity shares on exercise of the option attached to warrants : 19,30,000

- Issue price of equity shares : Rs 616/- per share

- When the options attached to warrants can be exercised : Any time within 18 months from the date of issue of warrants, in one or more tranches.

In BSE, the stock was trading at Rs.613.70, up by Rs.29.45 or 5.04%. The stock hit an intraday high of Rs.619 and low of Rs.585. The total traded quantity was 224431 compared to 2 week average of 49101.

Source : Equity Bulls

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