Mid-day Multimedia allots shares to Bennett Coleman, Ferari Investments

Mid-day Multimedia Ltd has announced that the Board of Directors of the Company at its meeting held on June 11, 2008 and has allotted 8,33,333 equity shares of Rs 10 each at a price of Rs 60 per share (premium of Rs 50 per share) aggregating to Rs 4,99,99,980/- to Banhem Financial and Investment Consultants Ltd, an affiliate of Bennett Coleman & Co., against conversion of (0.01%) 8,33,333 convertible preference shares issued at a price of Rs 60 per share.

The company also allotted 8,33,333 equity shares of Rs 10 each at a price of Rs 60 per share (premium of Rs 50 per share) aggregating to Rs 4,99,99,980/- to Ferari Investments and Trading Co. Pvt. Ltd., a Promoter Group Company against conversion of 8,33,333 share warrants issued at an exercise price of Rs 60/- per warrant. Out of which Rs 6/- per warrant i.e. Rs 49,99,998/- was paid upfront at the time of issue of warrants, balance Rs 54/- per warrant i.e. Rs 4,49,99,982/- received at the time of conversion of shares warrants into equity shares.

Consequent upon the said allotment, the paid up capital of the Company stands increased to Rs 52,83,52,760/- consisting of 5,28,35,276 equity shares of Rs 10 each.

Source : Equity Bulls

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