Phillips Carbon allots 30,00,000 warrants to promoters

Phillips Carbon Black Ltd has announced that the Allotment Committee of the Board of Directors of the Company met on October 20, 2006 to allot 30,00,000 Convertible Warrants on preferential basis to the following Promoter Group Companies:

1. Adorn Investments Ltd - 12,00,000 warrants

2. Universal Industrial Fund Ltd - 10,00,000 warrants

3. Off-Shore India Ltd - 8,00,00 warrants

Holder of each warrant is to be allotted 1 Equity Share of Rs 10/- each For cash at a price Rs 66/- per share 10% of the total consideration has been paid by the Promoters Group Companies and the balance is to be paid within 18 months from date for exercising the option to convert the Convertible Warrants into Equity Shares.

Source : Equity Bulls

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