Vijay Textiles to construct IT park in Hyderabad, allots shares on conversion of warrants

Vijay Textiles Ltd has announced that the Board of Directors of the Company at its meeting held on January 16, 2007, inter alia, has considered & approved the following:

1. For construction of Multi-stored IT park at Hyderabad covering built-up area of about 2,25,000 Sq.Ft at a cost of Rs 101.25 crores excluding registration charges and for entering into Agreement with M/s. Meenakshi Infrastructures Pvt Ltd for construction of the same. The said IT park will be ready for possession and for leasing out to IT Companies within a period of 24 to 27 months from the date of agreement.

2. Allotment of 49,65,000 Equity Shares of Re 1/- each at a price of Rs 12/- per share (inclusive of premium of Rs 11/- per share) to the following allottees by exercising the rights of conversion of warrants issued to them @ Rs 12/- per warrant on preferential basis:

a. Shri. Susheel Kumar Gupta: 44,10,000 equity shares
b. Shri. Shashikala Gupta: 5,55,000 equity shares

Source : Equity Bulls

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