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| Exchange Disseminated Time | Bartronics India Ltd has informed BSE that the Board of Directors of the company at their meeting held on October 30, 2009 approved the proposal to issue 83,00,000 convertible warrants on preferential basis pursuant to the guidelines prescribed by Securities and Exchange Board of India for preferential issues.
The said proposal was approved by the shareholders through postal ballot on January 11, 2010.
The Management Committee of the Board of Directors of the Company at their meeting held on February 18, 2010 allotted 63,00,000 convertible warrants of Rs. 10/- each at a premium of Rs. 222/- per warrant to the Promoter Group and 20,00,000 warrants of Rs. 10/- each at a premium of Rs. 152.25/- per warrant to the Non-Promoter Group and as per the details given below :
1. Name and Address of the Allottee : M/s Info Tech Infin and Trading Private Limited
- No. of convertible warrants allotted : 63,00,000
2. Name and Address of the Allottee : M/s Swain Finance and Trading Private Limited
- No. of convertible warrants allotted : 20,00,000
The allottees had paid 25% of the value of the warrants allotted to them.
The allottees are required to pay the balance 75% of the value of the warrants on or before August 17, 2011 i.e. being the period of 18 months from the date of Allotment.
The allottees had informed the Company that they would not be able to exercise the option of converting the outstanding warrants into equity shares. |
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