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| Exchange Disseminated Time | SEL Manufacturing Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 27, 2010, inter alia, transacted the following :
1. Reduced the size of preferential allotment of warrants to Promoters of the Company and consequently approved the allotment of 30,90,000 Convertible Equity Warrants at Rs. 74/- each aggregating to Rs. 228.66 million to the Promoters of the Company.
The details of the allottees are as under :
(i) Name of the Allottee : Mr. Ram Saran Saluja
- No. of convertible equity warrants allotted : 401700
(ii) Name of the Allottee : Mr. Neeraj Saluja
- No. of convertible equity warrants allotted : 760140
(iii) Name of the Allottee : Mrs. Sneh Lata
- No. of convertible equity warrants allotted : 599460
(iv) Name of the Allottee : Mrs. Ritu Saluja
- No. of convertible equity warrants allotted : 506760
(v) Name of the Allottee : Mr. Dhiraj Saluja
- No. of convertible equity warrants allotted : 407880
(vi) Name of the Allottee : Mrs. Reema Saluja
- No. of convertible equity warrants allotted : 414060
As per the terms of the issue of said warrants, these 30,90,000 convertible equity warrants were convertible into equal number of equity shares of Rs.10/- each at a premium of Rs. 64/- per share at the option of the allottee(s), in such number of options exercised by the holders of such Equity warrants, in one or more lots, at the option of the holder of such Equity warrants, at any time, within a period, not exceeding eighteen months (18 months) from the date of issue of Equity warrants in accordance with SEBI Regulations in this regard.
2. Upon exercise of conversion option to convert convertible Warrants into Equity Shares of the company by the under mentioned allottees of Equity Warrants, by paying 75% balance money, has passed the resolution, pursuant to approval received of the Shareholders at their meeting held on August 26, 2009, that 9,00,000 Equity Shares of Rs. 10/- each of the Company be allotted, on such conversion of warrants, at a price (including premium), of Rs. 70.00 per share, in the following :
(i) Name of the Allottee : Mr. Dhiraj Saluja
- No. of Equity Shares allotted on conversion of warrants : 450000
(ii) Name of the Allottee : Mrs. Reema Saluja
- No. of Equity Shares allotted on conversion of warrants : 450000
3. The Board of Directors of the Company at its meeting held today have (upon exercise of conversion option to convert convertible Warrants into Equity Shares of the company by the under mentioned allottees of Equity Warrants, by paying 15% balance money) has passed the resolution, pursuant to approval received of the Shareholders at their meeting held on August 07, 2010, that 30,90,000 Equity Shares of Rs. 10/- each of thee Company be allotted, on such conversion of warrants, at a price (including premium), of Rs.74.00 per share in the following manner:
(i) Name of the Allottee : Mr. Ram Saran Saluja
- No. of Equity Shares allotted on conversion of warrants : 401700
(ii) Name of the Allottee : Mr. Neeraj Saluja
- No. of Equity Shares allotted on conversion of warrants : 760140
(iii) Name of the Allottee : Mrs. Sneh Lata
- No. of Equity Shares allotted on conversion of warrants : 599460
(iv) Name of the Allottee : Mrs. Ritu Saluja
- No. of Equity Shares allotted on conversion of warrants : 506760
(v) Name of the Allottee : Mr. Dhiraj Saluja
- No. of Equity Shares allotted on conversion of warrants : 407880
(vi) Name of the Allottee : Mrs. Reema Saluja
- No. of Equity Shares allotted on conversion of warrants : 414060
Consequent upon the conversion of 39,90,000 Equity Warrants into Equity Shares of the Company by the above said allottees, in the manner, as stated in Item No. 2 and 3 above, the total issued and paid up capital of the Company stands increased to Rs. 64,34,70,000 divided into 6,43,47,000 Equity shares of Rs.10/- each.
The new 39,90,000 Equity Shares of Rs. 10/- each allotted to the aforesaid allottees are under lock in period in compliance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. |
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