Gati approves warrants, shares issue to promoter group

Gati Ltd has announced that the Board of Directors of the Company at its meeting held on September 21, 2009, has approved the offer of 48,72,000 warrants convertible in pursuance of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 within a period of 18 months into equal number of equity shares at the price of Rs. 81/- per warrant to Promoter(s) Group viz., M/s. Mahendra Investment Advisors Pvt. Ltd. on preferential basis, subject to the approval of the Shareholders at the forthcoming Annual General Meeting of the Company.

The Board approved offer of 53,60,400 warrants convertible in pursuance of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 within a period of 18 months into equal number of equity shares at the price of Rs. 58/- per warrant to Promoter viz., Mahendra Kumar Agarwal on preferential basis, subject to the approval of the Shareholders at the forthcoming Annual General Meeting of the Company.

The Board also approved offer of 14,41,418 warrants convertible in pursuance of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 within a period of 18 months into equal number of equity shares at the price of Rs. 58/- per warrant to The Infrastructure Fund of India LLC. on preferential basis, subject to the approval of the Shareholders and necessary regulatory authorities including FIPB at the forthcoming Annual General Meeting of the Company.

The Board approved the appointment of Mr. V. S. N. Raju as Company Secretary & Compliance Officer.

The stock was trading at Rs.61.50, up by Rs.2.60 or 4.41%. The stock hit an intraday high of Rs.62.75 and low of Rs.59.05.

The total traded quantity was 518905 compared to 2 week average of 502067.

Source : Equity Bulls

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