Kimia Biosciences Ltd allots 87,32,000 shares on conversion of warrants

The Board of Directors of Kimia Biosciences Ltd in their meeting held today i.e. June 19, 2019 has allotted 87,32,000 (Eighty Seven Lacs & Thirty Two Thousand) Equity Shares of Face value of Re.1/- each pursuant to conversion of 8,73,200 Fully Convertible warrants of Face Value of Rs. 10/- each allotted on preferential basis, on Feb 15, 2018, to the person belonging to Promoter & Non-promoter category.

Such warrants were allotted on preferential basis, on Feb 15, 2018, prior to Scheme of Arrangement becoming effective, at a face value of Rs. 10/- each including premium of Rs. 20/- each. However, post Scheme of Arrangement becoming effective(as approved by Hon'ble NCLT vide its order dated Aug 08, 2018), the Face Value of the Equity Shares of the Company has been reduced from Rs 10/- each to Re 1/- each and accordingly, upon conversion of Warrants,each warrants are convertible into 10 (ten) Equity shares of the Face Value of Re. 1/- each, at a premium of Rs. 2/- each.

Post Allotment of 87,32,000 Equity Shares of Face Value of Re. 1/-, the paid-up share capital of the Company shall stand increased to Rs. 2,33,26,421/- comprising of 2,33,26,42] Equity shares of face value of Re. 1/- each.

Source : Equity Bulls

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