Tata Tea to allot 28,10,000 shares on conversion of warrants at Rs.726.45

Tata Tea Ltd has announced that the meeting of the Committee of Directors (CoD) appointed by the Board of Directors of the Company held on May 02, 2007, allotment of 28,10,000 equity shares of the Company of Rs 10 each, fully paid-up, was approved in favour of Tata Sons Ltd., the main promoter of the Company on conversion of 28,10,000 warrants of Rs 10 each allotted to Tata Sons Ltd. on November 20, 2006.

Further the Company has informed that, the price at which the warrants were converted into equity shares was computed in accordance with the applicable SEBI (DIP) Guidelines, 2000 and came to Rs 726.45 per share. Tata Sons Ltd. had earlier paid in November 2006, upfront money for these warrants and the balance money was paid prior to conversion of the warrants into equity shares.

Source : Equity Bulls

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