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M. Ramesh

Chennai , Nov. 25

The city-based Vijay Shanti Builders Ltd has projects on hand worth Rs 750 crore. The project portfolio includes two major projects and a clutch of small ones in Chennai, the company's Executive Director, Mr Naresh Jain, told Business Line on Saturday.

He said that the company had already bought land worth about Rs 120 crore.

Vijay Shanti Builders announced last week that it would issue 1.9 crore warrants to the promoters, which could be converted into as many shares within the next 18 months. Today, the company disclosed the conversion price as Rs 56 per share.

The Vijay Shanti share closed on the BSE at Rs 72.30 on Friday. Asked why the promoters were being issued warrants at a conversion price lower than the market price, Mr Jain said that the conversion price had been arrived at in accordance with the SEBI formula — average market price in the 15 days preceding the board meeting.

The company also said that it intended to raise the borrowing powers of the board of directors from Rs 100 crore to Rs 200 crore. An extraordinary general meeting is to be held on December 18 to seek shareholders' permission for the issue of warrants to promoters and the enhancement of board's borrowing powers.

Vijay Shanthi Builders Ltd had reported a turnover Rs 46.72 crore for April-September 2006.

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Vijay Shanti projects on hand worth Rs 750 cr

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