Aarvee Denims Board approves conversion of warrants

Aarvee Denims & Exports Ltd has announced that the Board of Directors of the Company at its meeting held on December 30, 2006, has approved conversion of warrants into equity shares and to allot the shares.

972400 equity warrants were issued to the applicants on June 30, 2005 @ Rs 8.60 being the 10% of the issue price as per Chapter XIII of the SEBI (DIP) Guidelines of preferential allotment.

The Company received remaining 90% amount due on the above warrants on their conversion within 18 months from the date of allotment (i.e. May 30, 2005).

Source : Equity Bulls

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