Shriram City Union Finance converts 662500 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 09, 2009, 6,62,500 warrants held by Van Gogh Ltd, have been converted into 6,62,500 Equity Shares of Rs. 10 each, 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 Van Gogh Ltd aggregating Rs. 23,85,00,000/- against 6,62,500 warrants in respect of which options 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 16, 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.385.60, down by Rs.4.45 or 1.14%. The stock hit an intraday high of Rs.392 and low of Rs.380.

The total traded quantity was 387 compared to 2 week average of 265.

Source : Equity Bulls

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