Shriram City Converts 587500 Warrants into Equity Shares

Shriram City Union Finance Ltd has announced that at the meeting of the Business Development Committee of Directors held on November 06, 2009, 5,87,500 warrants held by Asiabridge Fund I LLC, have been converted into 5,87,500 Equity Shares of Rs. 10 each, at the meeting held on November 06, 2009 as per the terms contained in the Warrant Certificate.

Further the Company has informed that the Company has allotted the aforesaid Shares consequent upon the receipt of the balance amount of Rs 360/- per warrant payable by Asiabridge Fund I LLC aggregating Rs. 21,55,00,000/- against 5,87,500 warrants in respect of which option to convert them into Equity Shares have been exercised.

Further the Company has informed that Rs 40/- per warrant being the amount payable on allotment of warrants as per SEBI Guidelines was received by the Company on May 14, 2008.

Thus, each of these warrants have been converted into 1 (one) duly paid up equity share of Rs 10 each of the Company at a premium of Rs 390/- per share.

The stock closed the day at Rs.390, down by Rs.9.90 or 2.48%. The stock hit an intraday high of Rs.404.95 and low of Rs.389.95.

The total traded quantity was 43 compared to 2 week average of 265.

Source : Equity Bulls

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