Deepak Nitrite Modifies the terms of issue of Warrants

Further to earlier announcement dated October 29, 2007, Deepak Nitrite Ltd has announced that the Warrant Holders in their Class Meeting held on September 21, 2007 have approved amendments as mentioned in the Notice convening the class meeting to the terms of issue of warrants allotted on May 05, 2006.

As per the amendments, the warrant exercise Period will be announced 42nd month from the date of allotment of right shares instead of 18th Month and each warrant will be converted into one equity share of Rs 10/- each at a premium to be decided by the Board of Directors at that time.

The Board of Directors at their meeting held on October 27, 2007 has decided to offer equity shares to the Warrant Holders in the following manner:

1. While applying for the conversion of Warrants, the warrant holders may apply for additional shares over and above their entitlement for conversion of warrants into equity shares.

2. In case of over subscription on account of application for additional shares, the additional equity shares applied for will be allotted on pro rata basis.

3. Remaining unexercised warrants will lapse.

The aforesaid information will be communicated to all the eligible warrant holders while sending a separate Warrant Exercise Application Form before conversion period. The application form will inter alia contain a column for application of additional shares.

Source : Equity Bulls

Keywords