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| Exchange Disseminated Time 20/10/2016 12:08:22 | Scan Steels Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 20, 2016, have considered and approved:
- The Allotment of 17,33,333 (Seventeen Iacs Thirty Three Thousand Three Hundred Thirty Three Only) Equity shares of Rs. 10/- each, on conversion of warrants issued on October 14, 2015, at a conversion price of Rs. 50/- each (including a premium of Rs. 40/- each) to M/s. West & Best Trading Pvt Ltd (8,00,000 Equity Shares), M/s. Synergy Tradevista Private Limited (8,40,000 Equity Shares) and to M/s. Alken Management and Financial Services Private Limited (93,333 Equity shares), investors not forming part of the Promoter Group, in compliance with Chapter VII of SEBI (ICDR) Regulation, 2009, the relevant provision of Companies Act, 2013 and Securities Contacts (Regulation) Act, 1956 and also Depositories Act, 1996 and in compliance with your “Inprinciple Approval” dated September 23, 2015.
The Company had issued a total 80,00,000 warrants on preferential basis at a price of Rs. 50/- each (including a premium of Rs. 40/- each) on October 14, 2015, out of which 9,06,666 warrants were converted into equity shares on November 25, 2015 and 15,99,999 warrants were converted into equity shares on December 16, 2015, 15,46,665 warrants converted into equity shares on February 08, 2016 and 4,00,000 warrants converted into equity shares on February 26, 2016 and now the allottees have again exercised their right to convert 17,33,333 warrants into equity shares of Rs. 10/- each.
Consequent to the aforesaid allotment, the paid up equity share capital of the company has gone up from Rs. 48,80,56,300/- consisting of 4,88,05,630 equity shares of Rs. 10/- each to Rs. 50,53,89,630/- consisting of 5,05,38,963 equity shares of Rs. 10/- each.
The meeting was commenced at 10.00 a.m. and concluded at 11.30 a.m. |
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