Shriram City Union allots 2055000 shares

Shriram City Union Finance Ltd has announced that out of 35,00,000 warrants held by Shriram Enterprise Holdings Pvt Ltd, 20,55,000 warrants were converted into 20,55,000 Equity shares of Rs 10 each, at the meeting held on March 20, 2008.

Further, at the meeting of the Committee of Directors (CoD) held on June 27, 2008, balance 14,45,000 warrants held by Shriram Enterprise Holdings Pvt Ltd have been converted into 14,45,000 equity shares of Rs 10/- each and the said 14,45,000 equity shares have been allotted to Shriram Enterprise Holdings Pvt Ltd is per the terms contained in the warrant certificate.

It may also be noted that the Company has allotted the aforesaid Shares consequent upon the receipt of the balance amount of Rs 144/- per warrant payable by Shriram Enterprise Holdings Pvt Ltd aggregating Rs 20,80,80,000/- against 14,45,000 warrants in respect of which option to convert them into Equity Shares have been exercised.

It may be noted that Rs 16 per warrant being the amount payable on allotment of warrants as per SEBI Guidelines have already been received by the Company on December 29, 2006.

Thus, each of these warrants have been converted into 1 (one) duly paid up equity share of Rs 10 each of the Company at a premium of Rs 150/- per share.

Source : Equity Bulls

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