Ramco Systems fixes terms of warrants issue

Ramco Systems Ltd has announced that with reference to the Company's proposed rights issue upto Rs 130.55 Crores with detachable warrants as approved by the Board of Directors in its meeting held on September 11, 2008, the Rights Issue 2008 Committee of the Board of Directors, in its meeting held on September 18, 2008, have approved the following terms and conditions in relation to issue of detachable warrants along with the subject mentioned right issue of equity shares.

Warrant Issue Basis: One detachable warrant to be issued for every two rights equity shares allotted to the shareholders/applicants (1:2), which is convertible into one equity share at the option of the warrant holders. If Equity Shares allotted on rights basis is less than 2 or is not in multiples of 2, then any shortfall in the warrants, required on account of rounding off to the next higher Integer would be adjusted against warrant entitlement of Promoter / Promoter Group.

Warrant exercise price: Rs 85/- per equity share.

Warrant Conversion Period: the warrant exercise period shall be a period commencing from and upto 18 months from the date of allotment of warrants.

Total amount for all the warrants: Rs 65.27 Crores.

Subject to the approval of the Stock Exchanges/other necessary approvals, the warrants are intended to be listed in the Bombay Stock Exchange Ltd (BSE), The National Stock Exchange of India Ltd (NSE), and Madras Stock Exchange Ltd (MSE).

Source : Equity Bulls

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