Business Daily from THE HINDU group of publications
Tuesday, May 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, May 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Preferential Allotments Berger Paints issues warrants to overseas promoter Our Bureau Kolkata, May 19 Berger Paints said that it has issued 2 crore equity warrant issue to one of its overseas promoters — Jenson & Nicholson (Asia) Ltd, UK — to mop up Rs 99 crore after conversion into equity. Statutorily, conversion has to be done within a period of 18 month from the date of the issue of warrants. J&N (Asia) already holds 2.59 crore shares, representing 8.11 per cent stake in Berger. The company said in a note that the issue was made at a price of Rs 49.50 per warrant of a face value of Rs 2 each. The price represents a premium of about Rs 9 over the current market price. The stock finished at Rs 39.70 on BSE on the weekend. Berger informed that it has received Rs 9.9 crore, 10 per cent of the issue price from the allotee. The proceeds would be utilised for financing the capital expenditure plans at home and also the proposed acquisition of Bolix SA, a Polish external insulation and finishing outfit. More Stories on : Preferential Allotments | Paints
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