Havells India allots Shares / Warrants on Preferential Basis

Havells India Ltd has announced that pursuant to the special resolution passed at the Extra Ordinary General Meeting of the Company held on November 19, 2007, the Finance Committee of Board of Directors of the Company at its meeting held on November 26, 2007, allotted the following securities to M/s. Seacrest Investment Ltd., a Warburg Pincus group Company, established in the republic of Mauritius as a private Company under the Mauritius Companies Act, having its Registered Office at Port Louis, Mauritius:

a. 41,60,000 equity shares of Rs 5/- each ("Shares") at a price of Rs 625/- per Share aggregating Rs 2,600,000,000/-.

b. 26,00,000 warrants convertible into shares ("Warrants") at Rs 690/- per Warrant ("Warrant Price") aggregating to Rs 1,794,000,000/- (as per the terms and conditions, 10% of Warrant Price i.e. Rs 69/- is received on allotment).

Further the Company has informed that, Mr. Niten Malhan is appointed as an Additional Director of the Company with immediate effect.

Source : Equity Bulls

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