Outcome of Committee Meeting

Raj Rayon Industries Ltd has informed BSE that the Committee of Directors met on January 10, 2012 and considered the exercise of conversion option by Raj Money Market Ltd., one of the warrant holder in respect of conversion of 8,90,000 (Eight Lacs & Ninety Thousand only) preferential warrants in to Equity Shares of the Company out of their total warrant holdings of 26,90,000 and the Company has allotted 8,90,000 Equity Shares to the warrant holder and decided that the aforesaid Equity Shares will be issued in dematerialized form and will be directly credited to the beneficiary Account.

The Committee also noted that these 8,90,000 Equity Shares of Rs. 10/- each at a premium of Rs. 7/- each of the Company will be locked-in for a period of 36 months or 3 years from the date of Allotment i.e., from January 10, 2012 to January 09, 2015 as per the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and the same be intimated to the Depository participant/ Stock Exchange(s).

- It may be noted that with this conversion, the total convertible warrants so far converted into Equity Shares stands at 8,90,000 and the balance warrants remaining to be converted stands at 95,00,000 warrants allotted to selected persons (promoter/public/ Body Corporate).

Consequent to this allotment, the Paid- up Equity Share Capital of the Company has increased from Rs. 18,94,47,000 to Rs. 19,83,47,000.

Source : BSE - >www.bseindia.com

Published on January 10, 2012
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