Sayaji Hotels issues 15 lakh shares, 18 lakh warrants

Sayaji Hotels Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2010, has considered and approved the issue of 15,00,000 (Fifteen Lacs Only) Fresh Equity Shares and 18,00,000 (Eighteen Lacs) Fresh Convertible Warrants to Promoters.

The Board considered and approved the offer, issue and allotment on a preferential basis of 15 lacs Equity Shares and 18 lakhs Warrants to the promoters. Each Warrant convertible, on or before of 8 months, from its allotment into 1 fully paid up equity share of the Company.

The offer price (including premium) as decided by the Board of Directors is Rs. 125 per Share and Warrant which is higher than the minimum price specified as per Clause 13.1 .1.1 of Chapter XIII of SEBI Guidelines, and the conversion of the Warrants into Equity Shares shall be on such terms and conditions, as may be finalized by the Board of Directors, subject to the approval of the shareholders.

Consequent to the approval for preferential issue of Equity Shares and Warrants as stated above, the Board of Directors have further considered and agreed to convene an Annual General Meeting of the Company for obtaining the consent of the shareholders with respect to the aforementioned allotment of shares and convertible warrants.

The Board of Directors decided, that the Twenty Seventh Annual General Meeting of the Members of the Company will be held on September 30, 2010.

The stock closed the day at Rs.109.95, up by Rs.1.35 or 1.24%. The stock hit an intraday high of Rs.112 and low of Rs.108.

The total traded quantity was 1451 compared to 2 week average of 1586.

Source : Equity Bulls

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