FCS Software allots 20 Lakh warrants at Rs 91

FCS Software Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on July 11, 2008, inter alia, has approved the Preferential Allotment of the 20,00,000 Equity Convertible Warrants at Rs 91/- (as per SEBI (DIP) Guidelines, 2000) each convertible into equal number of Equity Shares of Rs 10/- each and Rs 81 /- towards premium to M/s. Innova e - Services Pvt Ltd.

The Allottee has paid around 20% of the exercise price of the Warrants at the time of subscription.

The Warrants can be exercised anytime within 18 months of allotment of the Warrants. The subscription price paid for the Warrants will be adjusted against the exercise price payable at the time of exercise. In the event that any Warrant is not exercised within 18 months of allotment, the subscription price paid will be forfeited.

The exercise of the Warrants shall constitute 12.17% of the post issue paid-up share capital. The shareholding of the Promoters will be 59.65% assuming all the Warrants are converted into equity shares.

Source : Equity Bulls

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