Godawari Power allots 10 Lakh Warrants

Godawari Power & Ispat Ltd has announced that pursuant to resolution passed by the Shareholders of the Company in the Extra Ordinary General Meeting held on December 15, 2007 and pursuant to in-principal approval from Stock Exchange, the Company has allotted 10,00,000 warrants convertible into equity to M/s Hira Industries Ltd (Promoter group) at a price of Rs 324/- per warrant which will be converted into one equity share of Rs 10/- each fully paid at a premium of Rs 314/- per share.

The above allotment has been made by the committee of the Board constituted for this purpose in its meeting held on December 20, 2007.

The Company has received 10% of the issue price of the warrants issued to the promoter group i.e., Rs 3,24,00,000/- on December 18, 2007 from M/s. Hira Industries Ltd and the balance amount of 90% shall be received, from the allottee on or before conversion of the warrants into equity.

Source : Equity Bulls

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