SEL Manufacturing to convert warrants

SEL Manufacturing Company Ltd has announced that the Board of Directors of the Company at its meeting held on July 23, 2008, inter alia, (upon exercise of conversion option to convert Warrants into Equity Shares of the company by two of the allottees of Equity Warrants, namely Matterhorn Ventures and Master Trust Ltd., by paying 90% balance money) has passed the resolution, pursuant to approval of the Shareholders at their meeting held on February 27, 2008, that 5,50,000 Equity Shares of Rs 10/- each of the Company be allotted, on such conversion of warrants, at a price (including premium), of Rs 185.00 per share.

Matterhorn Ventures (Non Promoter) will be allotted 2,50,000 shares on conversion of warrants.

Master Trust Ltd (Non Promoter) will be allotted 3,00,000 shares on conversion of warrants.

Consequent upon the conversion of 5,50,000 Equity Warrants into Equity Shares of the above said allottees, the total issued and paid up capital of the Company stands increased to Rs 17,16,60,000 divided into 1,71,66,000 Equity shares of Rs 10/- each.

The new 5,50,000 Equity Shares of Rs 10/- each allotted to the aforesaid allottees are under Lock-in period in compliance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 as amended.

Source : Equity Bulls

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