Energy Development to issue shares to promoters on conversion of warrants

Energy Development Company Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2006, inter alia, has considered and decided the following:

1. The 45,00,000 warrants allotted by the Company on preferential basis, at its Board Meeting held on September 11, 2005, now stands converted into equal number of Equity Shares, as the company has received the total amount of Rs 60/- per convertible warrant.

2. The Company has Acquired 60% equity shares in the capital of Ayyappa Hydro Power Ltd (AHPL). A 15 MW Hydel Power Project in the state of Kerala is being acquired by AHPL.

Source : Equity Bulls

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