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| Exchange Disseminated Time | Jai Balaji Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 22, 2016, inter alia, have approved the allotment of 2,26,05,000 Convertible Warrants on preferential allotment basis to the entities / persons at issue price of Rs.10/- per warrant determined in accordance with Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 pursuant to the approval of shareholders of the Company through postal ballot & in-principal approval of the Stock Exchanges received for said issue of securities. Each warrant is convertible into one Equity Share of face value of Rs.10/- each within a period of 18 months from the date of allotment of such warrants.
Further, as per the provisions of SEBI (ICDR) Regulations, 2009, the Company has received an amount equivalent to 25% of total consideration and balance 75% of the consideration shall be paid by the said allottees at the time of allotment of Equity Shares pursuant to exercise of option against each such warrant. |
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