Webel-Sl Energy allots warrants to Promoter Group

Webel-Sl Energy Systems Ltd has announced that the Board of Directors of the Company at its meeting held on July 05, 2007 has allotted 7,50,000 Convertible Warrants to Mr. S L Agarwal, part of the Promoter Group and 2,36,800 Convertible Warrants to Mr. Vinay Ajitsaria, Karta of Vinay Ajitsaria-HUF, aggregating to 9,86,800 Convertible Warrants with each Warrant being convertible into one equity share of Rs 10/- each at a premium of Rs 340/- per share with in a period of 18 months from the date of allotment of warrants.

Further the Company has informed that:

1. The Company has signed a long term contract for the purchase of its primary raw materials, i.e. Silicon Wafers from one of the Leading European manufacturer of Silicon Wafers.

2. The Company is introducing a new process in its production line, that of Silicon Nitride Coating. In this process, there will be an Anti-Reflective Coating that will be applied on the Solar Cells, thereby improving the Efficiency and Sales realization out of the same give cells. This process will enable the Company to improve on its bottom line. With the introduction of this process, the capacity of the Company will be enhanced to 12 Mwp from the present capacity of 10 Mwp.

Source : Equity Bulls

Keywords