Kalpataru Power to enter logistic business, increase stake in JMC Projects through warrants conversion

Kalpataru Power Transmission Ltd has announced that the Board of Directors of the Company at its meeting held on January 29, 2007, inter alia has decided to convert 2332705 warrants at the rate of Rs 152 per share into 1166352 Equity Shares of JMC Projects (India) Ltd and on this conversion, the shareholding of the Company in JMC Projects (India) Ltd will exceed 51%.

The Company has decided to subscribe for 11,00,000 Optionally convertible Preference Shares of Rs 202 each convertible into 11,00,000 Equity Shares of JMC Projects (India) Ltd of Rs 10 each at a premium of Rs 192 per share, subject to the necessary statutory approval obtained by JMC Projects (India) Ltd.

The Company has decided investment in Logistic Business.

Source : Equity Bulls

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