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Our Bureau

Kochi, Nov. 22

The extra ordinary general body meeting of Geojit Financial Services Ltd held at Kochi on Wednesday approved issue of equity shares to BNP Paribas subject to regulatory approvals.

The company will issue 7.96 crore equity shares with a face value of Re 1 to BNP Paribas at Rs 26 per share.

Of this, 2.28 crore will be issued as convertible warrants that can be converted to equity on a 1:1 basis and the remaining 5.68 crore will be issued as equity shares.

This preferential allotment works out to 33.35 per cent of the post-issue equity. BNP Paribas investment in the company would be restricted to 7.96 crore shares.

Geojit's capital is now Rs 15.22 crore and after conversion of existing stock options the equity will be Rs 23.87 crore.

The company said that the funds mobilised would be used for expansion, modernisation and technology up-gradation of the company.

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Geojit EGM okays equity issue to BNP Paribas

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