Chennai, Aug. 17
THE shareholders of SSI Ltd on Wednesday approved the issue of equity shares and convertible warrants on a preferential basis to its promoters.
Mr K.S. Aghoram, Mr K.S. Suresh and Mr K.S. Ganesh are each to be allotted 14.16 lakh shares of face value Rs 10 each. The board of directors is to decide the price at which these shares are to be allotted to the promoters. The shares are not to be lower than a minimum price specified as per the guidelines and not higher than Rs 40 per share.
Also, the three promoters were each allotted 2.91 lakh warrants (each warrant being equal to one share of Rs 10) convertible any time before 18 months from the date of allotment.
A sum of Rs 34.92 lakh, that is, 10 per cent of the subscription price of equity shares, would be paid on allotment of warrants. For determining the issue price, under the SEBI guidelines, the date with regard to the preferential issue of shares and warrants would be July 18, 2005.