Deep Industries seeks approval for issue of 35 lakh warrants

Deep Industries Ltd has announced that the Board of Directors of the Company at its meeting held on May 06, 2009, inter alia, has considered the issue of convertible warrants subject to the approval and consent of members of the Company at Annual General meeting of the Company scheduled to be held on June 05, 2009.

The Board is consider an issue of 35,00,000 Convertible Warrants of Rs 58 each (aggregating Rs. 20,30,00,000/-) convertible into Equity Shares of Rs 10 each at a Premium of Rs 48/- per Share within 18 months from the date of allotment of Convertible Warrants on Preferential allotment basis for funding the exploration activities of two Coal Bed Methane Blocks.

The names of the proposed subscribers to the Convertible warrants are Prabhavati Properties Ltd (Promoter Group) - No of Shares - 17,50,000 and Kanvel Finance Pvt Ltd (Promoter Group) - No of Shares - 17,50,000.

The Board also considered increase in Salary of Paras Savla and Rupesh Savla from Rs 75,000/- to Rs 1,00,000/- and re-appointment of Dharen Savla as Executive Director at a salary of Rs 1,00,000/-.

The stock was trading at Rs.57, up by Rs.0.05 or 0.09%. The stock hit an intraday high of Rs.58.45 and low of Rs.55.10.

The total traded quantity was 56135 compared to 2 week average of 139609.

Source : Equity Bulls

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