Bilpower allots 20 Lakh Convertible Warrants on Preferential Basis

Bilpower Ltd has announced that the Issue Committee of the Company at its meeting held on February 23, 2008, has allotted 20,00,000 Convertible Warrants on preferential basis at a Issue price of Rs 350/- per Warrant, each Warrant convertible into one Equity Share of the Company at a price of Rs 350/- (including a premium of Rs 340/-) per share, within 18 months from the date of allotment.

The allottees include Choudhary Global Ltd (Corporate Body Promoter Group) - 7,00,000 warrants, Mr. Suresh Kumar Choudhary (Individual Promoter Group) - 4,00,000 warrants, Mr. Naresh Kumar Choudhary (Individual Promoter Group) - 4,00,000 warrants, Mr. Rajendra Kumar Choudhary (Individual Promoter Group) - 4,00,000 warrants, Mr. Ravi Choudhary (Individual Promoter Group) - 25,000 warrants, Mr. Abhishek Choudhary (Individual Promoter Group) - 25,000 warrants, Mitin Balubhai Shah Dharmi Mitin Shah (Individual - Other) - 50,000 warrants.

All the allottees have paid Rs 35/- (Rupees Thirty Five only) per convertible warrant being 10% of the total amount payable on conversion i.e. Rs 350/- (Rupees Three Hundred Fifty only).

Source : Equity Bulls

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