Crest Animation allots 14.99% to DE Shaw, to sell Worli property

Crest Animation Studios Ltd has announced that the Board of Directors of the Company at its meeting held on October 13, 2006, has considered and approved the following:

1. Allotment of 33,85,518 equity shares of Rs 10/- each @ Rs 120/ per share aggregating Rs 40.63 Crs. constituting 14.99% of the paid up capital of the Company to D E Shaw Composite Investments (Mauritius) Ltd on preferential basis.

2. Amendment in the Articles of Association of the Company, subject to the approval of shareholders.

3. Sale of Company’s immovable property situated at Worli, Mumbai.

4. Dilution of its investment in RichCrest Holdings Inc. (RCH) by way of further allotment of securities to the extent of 26% post dilution to D E Shaw Group as per the agreements and 11% Post dilution to Employees under ESOP. Consequently, shareholding of the Company in RCH through its subsidiary Crest Communications Holdings Ltd, Mauritius will be reduced to 54.80% against 86.98% pre issue holding.

The stock is at the upper circuit, up 10% at Rs.137.10 in BSE today.

Source : Equity Bulls

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