Financial Daily from THE HINDU group of publications
Wednesday, Aug 17, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 17, 2005 |
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Corporate
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Announcements Sterling Resorts plans to raise capital thru equity, warrants Our Bureau
Chennai , Aug. 16 STERLING Resorts plans to raise fresh capital from issue of equity and warrants. At an extraordinary general meeting (EGM) on July 30 it decided to issue 37.4 lakh equity shares of Rs 10 each at Rs 43 (including premium) by moving an amendment to the special resolution passed at the April 15 EGM. The company also planned to issue 68.4 lakh warrants at Rs 43 each, convertible into one equity share of Rs 10 at a premium of Rs 33 per equity share. It also decided not to pursue the special resolution passed at the April 15 EGM on the issue of warrants on a preferential basis. It may be recalled that the members had authorised the board to allot up to 2,17,76,332 warrants at a price of Rs 17.50 each per warrant on preferential basis to the promoter's friends or their nominees with each warrant convertible into one share of Rs 10 each at a premium of Rs 7.50 per share, so that the total number of shares to be issued on the conversion does not exceed 2,17,76,332 equity shares.
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