Provogue India issues shares to foreign investors and warrants to promoters

Provogue India Ltd has announced that the Board of Directors of the Company at its meeting held on March 03, 2007, has transacted the following.

1. The Board of Directors allotted 29,00,000 equity shares of Rs 10 each at a premium of Rs 440 per equity share by way of a preferential allotment to the following foreign investors.

a. Fedelity Securities Fund Fidelity OTC - 7,00,000 shares

b. Nailsfield Ltd - 7,00,000 shares

c. New Vernon India Ltd - 7,00,000 shares

d. Genesis Indian Investment Company Ltd - 4,50,000 shares

e. The India Fund Inc. - 3,50,000 shares

2. The Board of Directors allotted 18,00,000 convertible warrants with an option to convert the warrants in to equity shares within 18 months from the date of allotment to the Promoters of the Company in the following manner.

a. Mr. Nikhil Chaturvedi - 5,77,827 Warrants

b. Mr. Salil Chaturvedi - 5,65,703 Warrants

c. Mr. Deep Gupta - 2,13,325 Warrants

d. Mr. Rakesh Rawat - 1,55,217 Warrants

e. Mr. Akhil Chaturvedi - 1,11,464 Warrants

f. Mr. Nigam Patel - 1,11,464 Warrants

g. Mr. Verinder Chhabra - 65,000 Warrants.

Source : Equity Bulls

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