Varun Shipping allots shares and warrants on preferential basis

Varun Shipping Company Ltd has announced that the Committee of Director (CoD) at its meeting held on December 05, 2006, has issued and allotted 2,25,50,000 equity shares at a price of Rs 75 each (i.e. Rs 10 on capital account and Rs 65 on premium account), for cash aggregating to Rs 169.125 crores to the following entities:

Allotment of Equity Shares :

1. 1,51,50,000 equity shares to Caledonia Investments plc, which is a Foreign Institutional Investor.

2. 16,50,000 equity shares to Sofina S.A., which is a foreign body corporate.

3. 12,00,000 equity shares to ICG Q Ltd, which is a sub-account of Kotak Mahindra (UK) Ltd which is a Foreign Institutional Investor.

4. 12,00,000 equity shares to Societe Generale, which is a Foreign Institutional Investor.

5. 15,00,000 equity shares to IL&FS Trust Company Ltd A/c IL&FS Private Equity Trust— Leverage India Fund which is a SEBI registered Venture Capital Fund and

6. 18,50,000 equity shares to Khatau International Ltd, which is a promoter group Company.

Further, the Committee of Directors has also allotted 85,00,000 OFCWs of Rs 75 each for cash aggregating to Rs 63.75 crores to the following persons/entities:

Allotment of OFCWs

1. 39,50,000 OFCWs to Khatau International Ltd, which is a promoter group Company.

2. 39,50,000 OFCWs to Tarun Shipping and Industries Ltd, which is a promoter group Company and

3. 6,00,000 OFCWs to Mr. Arun Mehta, Vice Chairman and Managing Director of the Company.

Source : Equity Bulls

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