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Deccan Chronicle Holdings has informed the BSE that it has allotted 6.60 crore equity shares of ₹2 each at a premium of ₹1.18 a share to SREI Infrastructure Finance, a lender to the company.
This is pursuant to orders of the Debt Recovery Tribunal-I, Kolkata, passed on December 24, 2014, and approval by the company board on January 16, 2014 and meeting of the preferential issue committee of the board held on September 8, 2014.
The said shares have been issued pursuant to the conversion option exercised by SREI Infrastructure Finance under Section 81(3) of the Companies Act, 1956. These shares have been issued in the physical form as requested by SREI Infra.
The allotment is subject to the provision of SEBI listing agreement and other guidelines issued by the RBI as well as other applicable laws, the company informed the BSE. On Monday, DCHL shares ended at ₹2.42 up 4.31 per cent.
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