Sri Adhikari Brothers to issue 10100000 warrants

Sri Adhikari Brothers Television Network Ltd has announced that the Board of Directors of the Company at its meeting held on October 03, 2009, inter alia, has considered and approved the Company's expansion plans.

The Board approved the offering and issue of 10,100,000 warrants carrying an option /entitlement to subscribe equivalent number of Equity shares of Rs. 10/- each at a price of Rs. 25.25 (inclusive of Rs. 15.25 towards premium) or at a price which shall not be less than the price arrived as per the SEBI guidelines for preferential issue, on preferential basis to promoters and other private bodies corporate, to finance the expansion plans and to part finance the working capital and for repayment or a part of debt in terms of provisions of Chapter VII to the SEBI (Issue of Capital and Disclosure Requirements) Guidelines, 2009. Subject to the approval of the members of the Company, through postal ballot process as per the provisions or Section 192A of the Companies Act, 1956.

The Board decided to seek the approval of the members for the aforesaid business, through postal ballot process as per the provisions of Section 192A of the Companies Act, 1956, and appointed Mr. Manish L. Ghia, Practicing Company Secretary, as Scrutinizer for conducting the Postal Ballot process.

The stock was trading at Rs.28.40, down by Rs.0.05 or 0.18%. The stock hit an intraday high of Rs.30.30 and low of Rs.28.30.

The total traded quantity was 40116 compared to 2 week average of 20278.

Source : Equity Bulls

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