6th September 2009, 05:45 PM
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Senior Member
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Join Date: Jan 2008
Posts: 2,028
Rep Power: 38
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Doubt on Warrants (Jyoti Structures)
Alchemist, I came across this for Jyoti Structures dated 21-02-2008:
Quote:
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Jyoti Structures Ltd has informed the Exchange that: " The Members at the Extra-Ordinary General Meeting (EGM) of the Company held on February 20,2008 have decided (1) to withdraw/ not approved the following Special Resolutions pertaining to (a) Issue of 76,05,000 Equity Shares to Foreign Investors; (b) Issue of FCCBs for a value upto USD 25 million (equivalent to approx Indian Rs.98.50 crores); and (c) Issue of 42,00,000 Convertible Warrants to Promoters & others. (2) to approve the appointment including remuneration, of (a) Mr. Prakash Thakur, as a Whole-time Director,; and (b) Mr. Santosh Nayak, as a Whole-time Director"
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Was this a slap for the promoters? They have only about a 27% stake in the company.
How can we know what happened? The 2008-2009 AR (page 12) says: "There are no outstanding GDRs/ADRs/Warrants or any convertible instruments." If the company has issued the promoters warrants that have not yet been converted (and haven't lapsed) this would be mentioned at this point?
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