Sri Adhikari Brothers allots 5050000 shares

Sri Adhikari Brothers Television Network Ltd has announced that the Board of Directors of the Company at its meeting held on March 27, 2010, inter alia, has approved the Issue and allotment of 50,50,000 Equity shares of Rs. 10/- each at a price of Rs. 25.25 (including premium of Rs. 15.25) on preferential basis as per chapter VII SEBI (ICDR) Regulation, 2009 upon the exercise of options attached to Warrants convertible into even No. of Equity shares to the bodies corporate (other than the promoters) and person in promoters group.

The allottees include Inayata Constriction Pvt. Ltd. - 13,75,000 shares, Assent Trading Pvt. Ltd. - 13,75,000 shares, Keynote Trading Pvt. Ltd. - 13,75,000 shares and Mr. Ravi Adhikari - 9,25,000 shares.

The Board also approved the Issue and allotment of 19,25,000 Equity shares of Rs. 10/- each at a price of Rs. 31.85 (including premium of Rs. 21.85) on preferential basis as per chapter VII SEBI (ICDR) Regulation, 2009 upon the exercise of options attached to Warrants convertible into even No. of Equity shares to the promoters group.

The allottees include Mr. Kailashnath Adhikari - 14,25,000 shares and Mr. Ravi Adhikari - 5,00,000 shares.

The Board also approved and adopted the Employees Stock Option Scheme for grant of 7,00,000 Stock Options convertible into even number of Equity Shares.

The stock was trading at Rs.27.10. The stock hit an intraday high of Rs.28.85 and low of Rs.27.

The total traded quantity was 34149 compared to 2 week average of 9474.

Source : Equity Bulls

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