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E-Malt.com News article: India: United Breweries promoters to convert warrants
Brewery news

United Breweries Holdings Ltd has announced that the Company had in pursuance of the Special Resolution passed by its members in the Annual General Meeting held on November 28, 2007, issued 6,387,117 warrants of Rs 10/- each to FirStart Inc, the member of the Promoter Group of the Company, Equity Bulls reported January 25.

The Warrants of Rs 10/- each were issued at a premium of Rs 1,100/- per Warrant aggregating to Rs 7,089,699,870/- on preferential basis and the Company had received 10% of the upfront money amounting to Rs 708,969,987 ("Strike Price") against the allotment of 6,387,117 Warrants.

The said Warrants are convertible into equity shares of the Company (One equity share of Rs 10/- per Warrant), at the option of the Warrant Holders within 18 months from the date of issue thereof.

The Company has now received a request from FirStart Inc that they are exercising the option to convert the 1,971,218 Warrants into equity shares of the Company. The exercise price for the said conversion would be Rs 999/- per Warrant. For this purpose, the Company has convened a meeting of the Adhoc Committee (which has been appointed by the Board of Directors of the Company inter alia for allotment of Warrants) on January 28, 2008. Post conversion of the said 1,971,218 Warrants the shareholding of the Promoter Group in the Company will be as under:

Pre-allotment:

Promoter Group Shareholding : 32,653,752

% of holding : 50.35

Post-allotment:

Promoter Group Shareholding : 34,624,970

% of holding : 51.82.


25 January, 2008

   
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