Paramount Communications allots 1,35,00,000 shares on conersion of warrants

Paramount Communications Ltd has announced that the Board of Directors of the Company at its meeting held on March 14, 2007, inter alia, has allotted 1,35,00,000 equity shares of Rs 2/- (post split) each upon conversion of Zero Coupon Convertible Warrants (ZCCWs) at a price of Rs 10.80 per share to the following bodies corporate (other than Promoters / Directors of the Company).

1. S P P Finlease India Ltd: 33,75,000 No of Shares Allotted
2. Mathran Share & Securities Pvt Ltd: 33,75,000 no of Shares Allotted
3. Mass Estate Pvt Ltd: 33,75,000 No of Shares Allotted
4. Life Secured.com Pvt Ltd: 33,75,000 No of Shares Allotted

Further the Company has informed that the above ZCCWs were issued to these bodies corporate on September 15, 2005, on preferential basis in accordance with SEBI (Disclosure & Investor Protection) Guidelines. The said warrants were issued at a price of Rs 54/- per warrants and each warrant entitles the holders to get one equity share of Rs 10/- in lieu thereof. The number of equity shares allotted and the issue price has been adjusted after giving effect to the sub-division of face value of equity shares from Rs 10/- each to 5 equity shares of Rs 2/- each.

The issued subscribed & Paid-up share capital of the Company post allotment stands Rs 16,90,13,930/-.

Source : Equity Bulls

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