Bajaj Hindusthan Sugar's Promoter to exercise warrants

Bajaj Hindusthan Sugar & Industries Ltd has announced that Bajaj Hindusthan Ltd, the holding Company (Promoter) has informed the Company that they intend to exercise their entitlement for subscription of 5,70,00,000 Equity Shares of the face value of Re 1 each at a price of Rs 50/- per share (including Rs 49/- per share as share premium) arising on (i) 29,00,000 Equity Warrants out of 38,00,000 Equity Warrants allotted by the Company on preferential basis to them on July 18, 2006 and (ii) 2,80,00,000 Equity Warrants allotted by the Company on preferential basis to them on February 09, 2007.

For this purpose the holding Company will be complying with the formalities of making an Open Offer to the shareholders of the Company in terms of Regulation 11(1) and Regulation 14(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. As per the provisions of the said Regulations the Equity Shares of the Company would be required to be allotted within 4 working days of the date of publication of Public Announcement.

Post allotment, the Equity Share Capital of the Company would increase to Rs 11.80 Cr with Promoters holding at 74.18%.

Source : Equity Bulls

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