Intec Securities to issue warrants at Rs.40 per warrant

Intec Securities Ltd has announced that the Board of Directors of the Company at its meeting held on August 29, 2006, has, subject to the approval of the shareholders in General Meeting, decided to issue on preferential basis 25,00,000 warrants at a price of Rs 40/- per warrant in cash aggregating Rs 10,00,00,000/- to the promoters and / or their associates.

The above issue is being made as per SEBI Guidelines and the warrants shall be issued at a price of Rs 40/- per warrant. Further, Warrants shall be converted into equal number of Equity Shares of face value of Rs 10/- each at a premium of Rs 30/- per Equity share within a period of Eighteen Months from the date of allotment.

The conversion of warrants shall be in such order so as to ensure that the promoters associates do not get more than 5% of expanded equity in a particular financial year and their overall holding remains within the limits specified under regulation 11 of SAST.

Source : Equity Bulls

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