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| Exchange Disseminated Time 15/06/2016 14:14:47 | Indiabulls Ventures Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 15, 2016, inter alia, has approved the preferential offer and issue of (a) up to 5,43,00,000 (five crore forty three lacs) convertible warrants to the promoter group entities and (b) 40,00,000 (forty lacs) convertible warrants to Mr. Divyesh B. Shah, CEO and Whole-time director of the Company. These warrants are convertible into equivalent number of equity shares of Rs. 2 each at an exercise price of Rs. 19.75 per share. The total equity investments by the promoters and KMPs would amount to Rs. 115.14 crores in the Company, post conversion of warrants.
The above proposal is in accordance with Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009, as amended, and subject to the approval of the shareholders of the Company, for which the Board has convened an Extraordinary General Meeting of its Shareholders on July 15, 2016, inter alia, to consider the above proposal. |
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