KLK Electrical Ltd approves preferential allotment

The Board of Directors of KLK Electrical Limited (the "Company") have approved the allotment of 60,00,000 (Sixty Lakhs Only) Equity Shares of the Company on preferential basis having a face value of Rs. 10/- (Rupees Ten Only) at a price of Rs. 25/- per Equity Share (at a premium of Rs. 15/- per Equity Share) for consideration other than cash, i.e., the Company will allot 60,00,000 Equity shares to Mr. Sreenivas Sreekanth Uppuluri for the consideration received. from him in form of 60,00,000 Common Stock owned by him that comprised 100% paid up shares capital of Edvenswa Tech Inc., in the ratio of 1:1 (i.e., 1 Equity Share of KLK Electrical Limited for every 1 Common Stock of Edvenswa Tech INC) and allotment of 12,00,000 (Twelve lakh ) convertible Share Warrants to Mr Yerradoddi Ramesh Reddy, Warrant Holder, on Preferential basis with an option to convert the same into equal number of equity shares i.e 12 lakh equity shares(i.e. 1 equity share for every 1 convertible warrant) at a price of Rs.25/- per share , including premium of Rs.15/- per share on face value of Rs.10/- per share , within a period of 18 months from the date of allotment of warrants i.e 20 January,2022, aggregating up to Rs. 3,00,00,000/- (Rupees Three Crores Only) and the company has already received the upfront payment of Rs. 75 lakhs i.e 25% of issue price i.e Rs. 6.25 per warrant, on 19th January 2022.

Source : Equity Bulls

Keywords

KLKElectrical PreferentialAllotment EquityShares