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| Exchange Disseminated Time 22/02/2017 11:23:36 | Panyam Cements & Mineral Industries Ltd has informed BSE that the members of the Company at the Extra-ordinary General Meeting held on January 25, 2016 have considered and passed a resolution pursuant to the provisions of Section 62(1)(c) read with Section 42 of the Companies Act, 2013 and other applicable provisions of the Companies (Share Capital and Debenture Rules 2014) for allotment of 8,43,060 convertible warrants on preferential basis at a price of Rs. 84.61 per warrant.
Accordingly, the Board of Directors of the Company at their meeting held on March 17, 2016 have considered and allotted the said 8,43,060 warrants to the warrant holders on payment of 25% of the consideration amount. The said warrants can be exercised at any time within a period of 18 months from the date of issue of such warrants.
Further the Company has informed that, the warrant holders have expressed their intention to exercise their option for conversion of the said warrants into Equity Shares by remitting the requisite subscription amount.
In view of the above, a meeting of the Board of Directors of the Company is being proposed to be convened on March 01, 2017 to consider the conversion of the said 8,43,060 convertible warrants and issue and allot 8,43,060 Equity Shares of Rs. 10/- each of the Company. |
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