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Mumbai, Sept. 3

Real estate company Garnet Construction Ltd has decided to issue 50 lakh convertible warrants on a preferential basis. The warrants will be convertible into equity shares in 18 months.Sources said the warrants would be priced at Rs 75 each. On Monday, the company stock closed at Rs 56.65 on the BSE, up 4.33 per cent over the previous close. Mr Arun Kumar Kedia, Director, Garnet Construction Ltd, said, "We are issuing the warrants to raise money for part funding of our ongoing construction of high-end row houses and bungalows and other commercial projects `Magic Hills' - a 400-acre township along the Mumbai-Pune Express Highway, near Panvel in Navi Mumbai." - Our Bureau

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