Diamond Cables EGM approves issue of warrants at Rs.150

Diamond Cables Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 09, 2007, have discussed and approved the following:

1. Issue of 35,00,000 Equity Warrants on preferential basis convertible into 35,00,000 equity shares of Rs 10/- each at a price of Rs 150/- Equity Warrant (Rs 10/- face value + Rs 140/- premium) to meet with the requirements of expansion plan for H.T. Cables. Following are the allottees:

a. Clearwater Capital Partners (Cyprus) Ltd, (FIIs) - 10,00,000 No of Equity Warrants

b. Diamond Projects Ltd, (Person Acting in concert) - 12,50,000 No of Equity Warrants

c. Diamond Telecabs Pvt Ltd, (Person Acting in concert)- 12,50,000 No of Equity Warrants

Source : Equity Bulls

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