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| Exchange Disseminated Time | Indiabulls Securities Ltd has informed BSE that at the meeting of the Board of Directors of the Company held on October 21, 2013, in order to augment the networth of the Company and the capital required for its business growth, over the next few years, the Board has approved the proposal to issue and allot upto an aggregate of 5,82,10,000 (Five crore eighty two lacs ten thousand) warrants on a preferential allotment basis, convertible into equivalent number of equity shares of face value of Rs. 2 (Rupees Two only) each of the Company at a conversion price of Rs. 13/- (Rupees thirteen only) per equity share, in accordance with Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009 as amended and other applicable laws and guidelines (“Warrants”) to (a) Mr. Sameer Gehlaut, Mr. Rajiv Rattan and Mr. Saurabh Mittal, promoters of the Company, alongwith the entities promoted by them, namely, Orthia Properties Private Limited, Orthia Constructions Private Limited, Inuus Constructions Private Limited, Hespera Constructions Private Limited and to (b) Mr. Divyesh B. Shah, Whole time Director & CEO of the Company.
The above proposal of issuance of Warrants is subject to the satisfaction of various conditions, including obtaining necessary approvals from shareholders and regulatory authorities, if any, prior to their actual allotment. The Board has also decided to obtain the desired approval from the shareholders of the Company in this matter, by convening an Extra Ordinary General Meeting of its Shareholders on November 20, 2013 at 10:00 A.M. at Centaur Hotel, IGI Airport, Delhi Gurgaon Road, New Delhi- 110 037. |
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