Paramount Communications allots 20 lakh shares on conversion of warrants

Paramount Communications Ltd has announced that the Board of Directors of the Company at its meeting held on April 28, 2010, inter alia, has allotted 20,00,000 Equity Shares of Rs 2/- each upon conversion of convertible warrants at a price of Rs. 13/- each to the promoter Companies M/s April Investment & Finance (P) Ltd (6,00,000 shares) and M/s Worth Finance & Leasing Ltd (14,00,000 shares).

The above warrants were issued to these bodies corporate on December 09, 2009 on preferential basis in accordance with SEBI (Issue of Capital & Disclosure Requirement) Regulations 2009 at a price of Rs. 13/- per warrant with an option to convent these warrants into equity shares within a period of 18 months from the date of this allotment.

The issued, subscribed & paid up share capital of the Company post allotment stands Rs. 17,30,13,930/-.

The Board approved investment up to 0.25 Million GBP in Share Capital of AEI Powers Cables Ltd, United Kingdom through its SPV, Paramount Holdings Ltd, Cyprus, the wholly owned Subsidiary of the Company. The Company will acquire 100% Capital of AEI Powers Cables Ltd., United Kingdom subject to applicable RBI Guidelines, Provisions of FEMA and such other approvals, consent and permissions as may be required for the purpose.

The stock was trading at Rs.13.43, down by Rs.0.10 or 0.74%. The stock hit an intraday high of Rs.13.90 and low of Rs.13.40.

The total traded quantity was 40213 compared to 2 week average of 40363.

Source : Equity Bulls

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