Sintex Industries allots 2688000 Equity Shares on conversion of Warrants

Sintex Industries Ltd has announced that, pursuant to the approval of the Shareholders of the Company at the Extra Ordinary General Meeting held on December 24, 2007, the Committee of the Board of Directors of the Company at its meeting held on March 24, 2008, has allotted the following equity shares of the Company at a conversion price of Rs 454.74 per warrant to Opel Securities Pvt Ltd & Kolon Investment Pvt Ltd, Promoter Group, on a preferential allotment basis on the exercise of the option for conversion of 1344000 warrants to each aggregating to 26,88,000 warrants out of aggregate 1,32,00,000 warrants issued by the Company to aforesaid Promoters in the meeting of its Committee of Directors held on January 18, 2008.

Opel Securities Pvt Ltd exercised 1344000 warrants for conversion and was issued 1344000 Equity Shares of Rs 2/-.

Kolon Investment Pvt Ltd exercised 1344000 warrants for conversion and issued 1344000 Equity Shares of Rs 2/-

Consequently, on the issuance of 26,88,000 Equity Shares of Rs 2/- each as aforesaid, the paid up share capital of the Company as on March 24, 2008 stands increased to 13,64,95,433 equity shares of Rs 2/- each, amounting to Rs 27,29,90,866/-/- from 13,38,07,433 equity shares of Rs 2/- each amounting to Rs 26,76,14,866/-.

Source : Equity Bulls

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