Swiss Glascoat Equipments Ltd allots 15 lakh warrants

The Board of Directors of Swiss Glascoat Equipments Ltd at its Board Meeting held on December 03, 2016 have allotted 15,00,000 warrants convertible into equal number of equity shares of Rs. 10 each to HLE Engineers Private Limited at a price of Rs. 117 per warrant on preferential basis in accordance with the SEBI (ICDR) Regulations, 2009.

An amount equivalent to 25% of the total consideration in terms of Regulation 77 of the SEBI (ICDR) Regulations, 2009 aggregating to Rs. 4,38,75,000 has been received by the company prior to the Board Meeting and is held in a separate bank account pursuant to Section 42 and applicable Rules of the Companies Act, 2016. The balance consideration for the warrants will be payable on or before conversion into / allotment of equity shares on exercise of option by the Warrant Holder(s) as per Regulation 77 of the SEBI (ICDR) Regulations, 2009.

The Board of Directors has constituted the committee of Independent Directors of the company to provide the reasoned recommendation on the mandatory open offer pursuant to Regulation 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, to be made by HLE Engineers Private Limited along with other acquirers, to the public shareholders for acquisition of their shares before the opening of the offer / tendering period.

Shares of SWISS GLASCOAT EQUIPMENTS LTD. was last trading in BSE at Rs.138.05 as compared to the previous close of Rs. 141.95. The total number of shares traded during the day was 4879 in over 55 trades.

The stock hit an intraday high of Rs. 143 and intraday low of 136.1. The net turnover during the day was Rs. 676852.

Source : Equity Bulls

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