SREI Infrastructure decides to issue warrants

SREI Infrastructure Finance Ltd has announced that the Board of Directors of the Company at its meeting held on September 19, 2007, has decided to issue upto 2,50,00,000 Warrants to the Promoter and / or Promoters Group on Preferential basis, subject to approval of the shareholders at the Extraordinary General Meeting and other statutory approvals. The Warrants are convertible into Equity shares in one or more tranches at a price of Rs 100/- per share which is in excess of the price of Rs 97.10 per share calculated in accordance with the relevant SEBI guidelines for Preferential Issues, With the aforesaid preferential issue, the shareholdings of Promoter / Promoter Group in the Company will increase from 20.10% at present to 35.01%.

Futher the Company has informed that, an Extraordinary General Meeting (EGM) of the Company has been convened on October 15, 2007 for the purpose of obtaining shareholders approval for above mentioned preferential issue and the Board of Directors have also approved the notice convening the Extraordinary General meeting in this regard.

The stock closed the day at Rs.113.30, down by Rs.0.15 or 0.13%. The stock hit an intraday high of Rs.118.95 and low of Rs.112.25. The total traded quantity was 464400 compared to 2 week average of 599980.

Source : Equity Bulls

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