Ispat Industries allots 113244580 warrants

Ispat Industries Ltd has announced that the Board of Directors of the Company at its meeting held on April 18, 2008, has issued and allotted 11,32,44,580 Equity Share Warrants to the eligible promoters, on preferential basis, in terms of Section 81 (1A) of the Companies Act 1956 and the Guidelines for Preferential Issues contained in Chapter XIII of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000. The Company already intimated on March 31, 2008 that, the shareholders of the Company have already approved the aforesaid issue of Equity Share Warrants to the eligible Promoters, on preferential basis.

The number of Equity Share Warrants issued and allotted to the eligible promoters is 11,32,44,580 at a price of Rs 44.69 for each Warrant. The pricing of the Equity Share Warrants has been determined in accordance with the relevant pricing guidelines. This intimation supersedes its earlier announcement on March 31, 2008 vide which the pricing of the equity share warrants was intimated at Rs 43.89 for each warrant.

The holder of Equity Share Warrants will have an option to apply for and be allotted 1 (one) equity share of the Company for each Equity Share Warrant held, any time after the date of allotment but on or before the expiry of 18 months from the date of allotment, in one or more tranches.

Source : Equity Bulls

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