Shriram City Union Finance allots shares to Bessemer Venture and India Advantage FUnd VI

Shriram City Union Finance Ltd has announced that at the meeting of the Business Development Committee of Directors held on November 11, 2009, 12,50,000 warrants held by Bessemer Venture Partners Trust, have been converted into 12,50,000 Equity Shares of Rs. 10 each, as per the terms contained in the Warrant Certificate.

7,50,000 warrants held by IDBI Trusteeship Services Ltd. (India Advantage Fund VI), have been converted into 7,50,000 Equity Shares of Rs. 10 each, as per the terms contained in the Warrant Certificate.

It may also be noted that the Company has allotted the aforesaid Shares consequent upon the receipt of the balance amount of Rs. 360/- per warrant payable by Bessemer Venture Partners Trust aggregating Rs. 45,00,00,000/- against 12,50,000 warrants in respect of which option to convert them into Equity Shares have been exercised and IDBI Trusteeship Services Ltd. aggregating Rs. 27,00,00,000/- against 7,50,000 warrants in respect of which option to convert them into Equity Shares have been exercised.

It may be noted 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 and May 16, 2008 from Bessemer Venture Partners Trust and IDBI Trusteeship Services Ltd. respectively.

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 was trading at Rs.386, up by Rs.0.40 or 0.10%. The stock hit an intraday high of Rs.397.95 and low of Rs.386.

The total traded quantity was 58 compared to 2 week average of 241.

Source : Equity Bulls

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