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| Exchange Disseminated Time | PVP Ventures Ltd has informed BSE that the Board of Directors of the Company at Its meeting held on January 22, 2011, had issued and allotted 13,409,314 equity shares of Rs. 10 each credited as fully paid up to Platex Limited, the Promoter Group Company, upon conversion of 27,355 Fully Convertible Debentures of Rs. 1,00,000/- each at a conversion price of Rs. 204 per share.
These Debentures are converted into equity shares, in accordance and compliance with the Clause 4.1.2(ii) read with 4.2.1 of the Scheme of Amalgamation between erstwhile PVP Ventures Private Limited and the Company which was approved by the shareholders of the Company in the Court convened meeting on March 15, 2008 and sanctioned by the Hon'ble High Court of Madras at Chennai vide its order dated April 25, 2008 in the Company Petition No. 90 of 2008.
Post this allotment, the paid up share capital of the Company has increased to Rs. 245,05,27,010/- (Rupees Two Hundred Forty Five Crore Five Lac Twenty Seven Thousand and Ten Only) divided into 24,50,52,701 equity shares of Rs. 10 each.
Further, post such allotment, Platex Limited now holds 15,71,18,036 equity shares of the Company aggregating to 64.12% of the outstanding paid up share capital. |
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