Kesar Enterprises to convert warrants into shares at Rs.97

Kesar Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on March 05, 2007, has approved conversion of 451,600 warrants of Rs 97/- each fully paid up into 4,51,600 equity shares of Rs 10/- each by appropriating Rs 10/- towards share capital and the balance Rs 87/- towards share premium. Hence, the paid up equity share capital of the Company stands increased from 63,39,315 equity shares of Rs 10/- each amounting to Rs 6,33,93,150/- to 67,90,915 equity shares of Rs 10/- each amounting to Rs 6,79,09,150/-.

Further the Company has informed that under the Preferential Issue SEBI Guidelines, the Company had allotted on September 06, 2005, 16,60,000 warrants of Rs 97/- each, with an option to apply for equity shares any time before 18 months of the allotment, to the Promoters / the Persons acting in concert (11,51,600 warrants) and to a Private Corporate Body (5,08,400 warrants). However, the Private Corporate Body has not paid the balance 90% amount on the said warrants and hence the 5,08,400 warrants allotted to them stands lapsed and the balance 10% amount paid thereon stands forfeited.

In view of the above, the Promoters / Persons acting in concert can be allotted only 4,51,600 warrants so as to keep their post-conversion shareholding below 55% limit as prescribed by SEBI.

Source : Equity Bulls

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