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Jayanta Mallick

Kolkata May 25 Bilcare Ltd has seen an increase in its paid-up capital this quarter as it made preferential allotments to non-promoters and converted warrants, also held by non-promoters.

The paid-up capital of the company now stands increased to Rs 15.09 crore from Rs 14.20 crore as on March 31, 2007.

On May 17, the company allotted 8.93 lakh shares of Rs 10 each on conversion of warrant `B' issued at Rs 290 per share including premium.

The management of the pharmaceutical packaging and research services company informed Business Line in an e-mail that these shares were issued to a total of 26 non-promoters and many of them are existing shareholders, including Mr Rakesh Jhunjhunwala.

Mr Jhunjhunwala (including his relatives and associates) has also increased his holding through preferential allotment.

On May 17, Mr Jhunjhunwala and 8 other persons acting-in-concert have been allotted 21.51 lakh shares by virtue of which their holding has gone up to 14.25 per cent in the company from 11.62 per cent on March 31, 2007.

This BSE 500 and BSE Small Cap indices constituent, on Friday, closed up 5 per cent at Rs 874.95 against the previous close of Rs 833.30.

The paid-up capital of the company is slated to go up further as conversion of 15 lakh warrants, allotted to Ms Nutan Bhandari of the promoter group in December 2006 and at a conversion price of Rs 535 (including premium of Rs 525) takes place after 18 months from the time of warrant allotment.

Incidentally, the company has allotted 5,000 foreign currency convertible bonds (FCCBs) of face value of $10,000 each, aggregating $50.00 million, including offering under greenshoe option. The FCCB conversion into equity shares (at Rs 880 per share) is slated for 2010.

More Stories on : Preferential Allotments | Packaging

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Bilcare hikes paid-up capital to Rs 15.09 cr

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