Financial Daily from THE HINDU group of publications
Tuesday, Jan 17, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 17, 2006 |
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Markets
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Stocks ICICI Venture unable to pick up shares of Viceroy Hotels Our Bureau
Hyderabad , Jan. 16 THE funds managed by ICICI Venture Fund could not acquire equity shares of Viceroy Hotels Ltd (VHL) since they could not reach an agreement on terms and conditions with the company. VHL has informed the stock exchanges on Monday that its board meeting has unanimously approved a resolution not to proceed with the allotment of equity shares and warrants in favour of India Advantage Fund-II, III and IV managed by ICICI Venture Fund. The board has approved allotment of 21,14,402 equity shares of Rs 10 each at a premium of Rs 77.50 per share issued on preferential basis. It has also approved allotment of 24,57,026 warrants convertible into equity shares of Rs 10 each at a premium of Rs 77.50 per share not later than 18 months from the date of allotment. Further, the board has also cleared the allotment of 7,50,000 equity shares of Rs 10 each issued at a premium of Rs 50 per share to Mr Rakesh Jhunjhunwala upon conversion of warrants issued to him at the board meeting held on August 11 last year.
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