Surana Corporation to issue warrants, shares

Surana Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on December 13, 2007, inter alia, has passed the resolution to issue 25,00,000 (Twenty Five Lacs) Equity Shares of Rs 10 each at a premium of Rs 190 each (total amount Rs 200 per Equity Share) aggregating to Rs 50 crores (Rupees Fifty crores) on preferential basis to a Select Group of Persons (not being Promoters, or belonging to the Promoter Group or their relatives, business associates or friends or nominees.

i. Name of the Subscriber: Maxwin International Pte Ltd (OCB)
No of Shares : 5,00,000

ii. Name of the Subscriber: Fortune Top International Pte Ltd (OCB)
No of Shares : 5,00,000

iii. Name of the Subscriber: Boul Fund International Pte Ltd (OCB)
No of Shares : 5,00,000

iv. Name of the Subscriber: B K Plant & Mercury Pvt Ltd (Body Corp)
No of Shares : 5,00,000

v. Name of the Subscriber: C & S Tools Pvt Ltd (Body Corp)
No of Shares : 5,00,000.

To issue 25,00,000 (Twenty Five Lacs) Share Warrants of Rs 85 each which can be converted into equity shares of the Company within a 18 month period from date of allotment, on the basis of One Equity Share of Rs 10 each for One Share Warrant of Rs 85 each amounting to Rs 21.25 crores (Rupees Twenty One Crores and Twenty Five lacs) on preferential basis to a Select Group of Persons (not being Promoters, or belonging to the Promoter Group or their relatives, business associates or friends or nominees.

i. Name of Subscriber: Shri. Manoj Mittal
No of Share Warrants: 10,00,000

ii. Name of Subscriber: Shri. Chetan Mehta
No of Share Warrants: 10,00,000

iii. Name of Subscriber: Shri. Amit Pandya
No of Share Warrants: 5,00,000.

Both the above Board resolutions are subject to the approval, by special resolution, in the general body meeting of the Shareholders of the Company and also after complying with all the SEBI and Stock Exchange regulations and procedures.

The Board also resolved to convene an Extra Ordinary General Meeting of shareholders of the Company on January 10, 2008 for the above purposes.

Source : Equity Bulls

Keywords