Victory Projects allots warrants at Rs 11.80

Victory Projects Ltd has announced that the Board of Directors of the Company at its meeting held on September 04, 2008, inter alia, has approved the preferential allotment of equity sharewarrants to the following person in accordance to the approval by the shareholders in their meeting held on August 21, 2008.

Mr. Maruti Ram Praturi - Number of Sharewarrants allotted : 45,00,000, Mr. Hemant Gupta - Number of Sharewarrants allotted : 10,00,000, Ms. Sunita Jain - Number of Sharewarrants allotted : 1,00,000, Mr. Daksha Dalpat Mehta - Number of Sharewarrants allotted : 50,000, Ms. Svadevi Mehta - Number of Sharewarrants allotted : 50,000, Mr. K Rama ChandraSekhar - Number of Sharewarrants allotted : 22,500, Mr. A Srikant - Number of Sharewarrants allotted : 2,500 and Mr. K Sri Lakshmi - Number of Sharewarrants allotted : 2,500.

The equity sharewarrants have a face value of Rs 10 per share and are being issued at Rs 11.80 ps per sharewarrants (inclusive of share premium of Rs 1.80) per warrant in accordance with the SEBI DIP guidelines 2000.

The equity sharewarrants have been allotted with in the time period as specified in the SEBI DIP guidelines. The allottees have paid 10% of the exercised price of the warrants. The warrants can be exercises any time within 18 months of allotments of the warrants by paying in the remaining amount. The subscription amount paid per warrant will be adjusted against the exercise price payable at the time of exercise. In the event any warrant has not been exercised with in 18 months from allotment, the subscription price paid will be forfeited. As and when required, a board meeting will be convened to convert the fully paid, exercised warrants into equity shares of equal number.

Source : Equity Bulls

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