Geodesic Information allots shares under ESOPs and conversion of warrants

The Board of Directors of Geodesic Information Systems Ltd at its meeting held on April 09, 2007, has discussed and decided on the following:

1. Allotted 1,30,896 Equity Shares of Rs 2/- each, upon exercise of 1,30,896 options by Optionees under the Geodesic Employee Stock Option Plan 2002 granted into 2005.

2. Allotted 10,40,000 equity shares of Rs 2/- each on conversion of warrants to Mr. Rakesh Mathur, Independent Director of the Company.

3. Granted 6,00,000 options to eligible employees of Geodesic and its domestic and overseas subsidiaries in accordance with Geodesic Employee Stock Option Scheme 2002, at the exercise price equivalent to the market price as on grant date as defined in SEBI (Employee Stock Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. The market price on the stock exchange with highest trading volume shall be considered.

Consequently, with effect from April 09, 2007, the issued, subscribed and paid-up Equity Share Capital of the Company stands increased to Rs 12,06,72,306/- divided into 6,03,36,153 Equity Shares of Rs 2/- each.

Source : Equity Bulls

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