Zicom Electronic Security Systems Ltd approves allotment of 1050000 warrants

The Board of Directors of Zicom Electronic Security Systems Ltd at its meeting held on February 10, 2015, inter alia, have approved the allotment of 10,50,000 Warrants, each Warrant carrying an entitlement to subscribe to one (1) Equity Share of Rs. 10/- each of the Company, on preferential basis for cash at a price Rs. 160/- per Share, i.e. at a premium of Rs. 150/- per Share, to the Promoter Group Companies Baronet Properties & Investments Private Limited (5,25,000 warrants) and Coronet Properties & Investments Private Limited (5,25,000 warrants).

The said allotment is being made in accordance with SEBI’s Guidelines for Preferential Issue, i.e. Chapter VII of SEBI ICDR Regulations. The Face Value of the Warrants is equal to 25% of the offer price of the Resulting Equity Shares to which the warrant holders are entitled to subscribe, i.e. Rs. 40/- per Warrant. The Warrants including the Resulting Equity Shares shall be under lock-in as per SEBI Guidelines. Further, the warrant holders are entitled to exercise the rights attached to the Warrants, to subscribe to one (1) Equity Share, within 18 months from the date of their allotment.

The Board also approved the remuneration payable to Mr. Pramoud Rao, Managing Director for the balance period of two years i.e. from March 01, 2015 till February 28, 2017.

Shares of ZICOM ELECTRONIC SECURITY SYSTEMS LTD. was last trading in BSE at Rs.172 as compared to the previous close of Rs. 174.75. The total number of shares traded during the day was 17902 in over 1077 trades.

The stock hit an intraday high of Rs. 178 and intraday low of 170.2. The net turnover during the day was Rs. 3112020.

Source : Equity Bulls

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