Indian Hotels allots Securities to Tata Sons Ltd

Indian Hotels Company Ltd has announced that the Committee of Directors constituted for the Preferential Allotment of Securities has approved the proposal to allot shares and warrants on a preferential basis to the main promoters, viz. Tata Sons Ltd. in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Board allotted 3,60,00,000 Ordinary Shares at a price of Rs. 1 each at a premium of Rs. 102.64 per share aggregating to Rs. 103.64 per share; and 4,80,00,000 Warrants, where each Warrant would entitle Tata Sons Ltd. to subscribe to one Ordinary Share of the Company at a price of Rs. 1 each at a premium of Rs. 102.64 per Share, after April 01, 2011 but not later than 18 months from the date of allotment of the Warrants. As per SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009, an amount equivalent to 25% of the price fixed as above i.e. Rs. 25.91 per Warrant aggregating to Rs. 1,24,36,80,000 crores would be paid by Tata Sons Ltd. on allotment of the Warrants.

The stock closed the day at Rs.93.75, up by Rs.0.25 or 0.27%. The stock hit an intraday high of Rs.94.20 and low of Rs.92.90.

The total traded quantity was 0.45 lakhs compared to 2 week average of 0.87 lakhs.

Source : Equity Bulls

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