Swiss Glascoat Equipments allots 15 lakh shares

In the Board Meeting of Swiss Glascoat Equipments Limited ('the Company') held on March 31, 2017, the Board of Directors has allotted 15,00,000 Equity Shares of Rs. 10 /- each to HLE Engineers Private Limited, on exercise of the option of conversion of 15,00,000 Warrants of Rs 117/- each by the Warrant Holder, in accordance with Regulation 77 of the SEBI (ICDR) Regulations, 2009.

An amount equivalent to 75% of the total consideration determined in terms of Regulation 77 of the SEBI (ICDR) Regulations, 2009 aggregating to Rs.13,16,25,000/- has been received by the Company prior to the Board Meeting.

The Board further noted that the Open Offer made by HLE Engineers Private Limited, Mr. Himanshu Patel, Mr. Nilesh Patel, Mr. Harsh Patel and Mr. Aalap Patel, being the new promoters, has been closed and the Merchant Bankers have submitted their Post Open Offer Report in terms of Regulation 27(7) of the SEBI (SAST) Regulations, 2011.

Shares of SWISS GLASCOAT EQUIPMENTS LTD. was last trading in BSE at Rs.201.5 as compared to the previous close of Rs. 196. The total number of shares traded during the day was 3447 in over 35 trades.

The stock hit an intraday high of Rs. 203.8 and intraday low of 193.5. The net turnover during the day was Rs. 692397.

Source : Equity Bulls

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