Warburg Pincus Group to convert 2250000 warrants in Havells India

Havells India Ltd has issued 2,600,000 Warrants at Rs 690/- per warrants to Seacrest Investment Ltd (a Warburg Pincus group Company) on November 26, 2007 which are convertible into similar no. of shares within 18 months from the date of allotment. It has now been decided between the Company and Seacrest Investment Ltd that Seacrest Investment Ltd will subscribe to 2,250,000 Warrants at an agreed price of Rs 690/- on or before February 15, 2009.

Seacrest Investment Ltd will, in its sole discretion, have the option to determine whether or not to convert Unexercised 350,000 Warrants and will also have the option to let them lapse.

The stock closed the day at Rs.115.30, up by Rs.1.80 or 1.59%. The stock hit an intraday high of Rs.116.65 and low of Rs.110.30.

The total traded quantity was 5426 compared to 2 week average of 14482.

Source : Equity Bulls

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