SREI Infrastructure determines price as Rs.29 for conversion of warrant

SREI Infrastructure Finance Ltd has announced that the Company had fixed the Seventh Determination Date being February 25, 2007 as the Record Date for the purpose of determining entitlement and eligibility of the Detachable Tradable Warrant holders for exercising options for being allotted Equity shares of the Company and that the aforesaid Detachable Tradable Warrants were allotted free of cost on August 25, 2000 along with Unsecured Subordinated Bonds of Rs 100/- in terms of Letter of Offer dated June 16, 2000.

In terms of aforesaid Letter of Offer dated June 16, 2000, the exercise price for being allotted Equity shares of the Company on exercise of option by the Detachable Tradable Warrant holders for applying Equity shares of the Company will be worked out at 40% less than the average of the daily high and low of the prices of the existing Equity shares of the Company quoted on National Stock Exchange during the six calendar months preceding the respective Determination dates, rounded off to the nearest rupee subject to a floor of par value and cap of Rs 500/- per share

As per the aforesaid terms and conditions stipulated in the Letter of Offer dated June 16, 2000, the Committee of Directors of the Company has determined Rs 29/- per Equity share as the exercise price for exercising option by the Detachable Tradable Warrant holders for applying Equity shares of the Company at Seventh Determination date i.e. February 25, 2007.

Source : Equity Bulls

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