Nava Bharat Ventures allots 22,88,000 equity shares

Nava Bharat Ventures Ltd has announced that the Board's Committee (Allotment Committee) on November 05, 2007 made an allotment of 22,88,000 equity shares of Rs 2/- each at a premium of Rs 93/- per share as detailed below on conversion of 22,88,000 warrants earlier issued to the Promoters / Persons Acting in Concert with the Promoters at a conversion price of Rs 95/- per warrant on preferential basis:

1. M/s. Malaxmi Avenues Pvt Ltd : 11,00,000 No of Warrants convertible into Equity Shares

2. M/s. Malaxmi Homes Pvt Ltd : 11,00,000 No of Warrants convertible into Equity Shares

3. M/s. Malaxmi Dwellings Pvt Ltd : 88,000 No of Warrants convertible into Equity Shares

As per the terms of the warrants issued on preferential basis, exercise of each warrant entitled to the warrant holder to receive one equity share of the face value of Rs 2/- on exercise of warrant, at a premium of Rs 93/- per equity share.

The existing paid up equity share capital of the Company (Pre-issue) of 72630540 equity shares of Rs 2/- each now has become (Post issue) 74918540 equity shares of Rs 2/- each.

Source : Equity Bulls

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