Kemrock Industries approves conversion of 425000 warrants

Kemrock Industries & Exports Ltd has announced that the Allotment Committee of the Board of Directors of the Company at its meeting held on July 21, 2008 has considered and approved the conversion of 4,25,000 warrants (comprised in Part-B) into equal number of Equity Shares of Rs 10/- each at a price of Rs 185/- per share (inclusive of premium of Rs 175/- per share) and allotment thereof to Mr. Vinod Patel, a Non Resident Indian, on preferential basis, upon exercise of his option to convert warrants into equity shares.

The above equity shares allotted to Mr. Vinod Patel are in accordance with the special resolution passed at the Annual General Meeting of the Company held on August 26, 2006 and as per the terms and conditions of issue of Warrants made to him on February 22, 2007 pursuant to applicable SEBI (DIP) Guidelines 2000 for Preferential Issues.

With the above conversion of warrants into equity shares, the outstanding warrants pending for conversion is 21,93,000 warrants.

Consequent upon the aforesaid allotment of Equity Shares, the paid-up share capital of the Company stands increased to Rs 11,01,49,980/- divided into 1,10,14,998 Equity Shares of Rs 10/- each.

Source : Equity Bulls

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