Sarda Plywood Industries Ltd has informed that the Share Committee of the Company, duly authorised by the Board, at its meeting held on January 16, 2009, has allotted 4,40,000 Equity Shares of Rs 10/- each to M/s. Cuckoo Fiscal Services Ltd at a price of Rs 37.23 per share (which includes premium of Rs 27.23 per share) as fully paid up, being price determined in accordance with SEBI (DIP) Guidelines, upon exercise of the option in respect of 4,40,000 Convertible Warrants out of 6,40,000 Convertible Warrants issued to them on preferential basis on July 18, 2007 and consequent to the non exercise of option in respect of balance 2,00,000 Convertible Warrants, the application money paid in respect of the same at the time of allotment aggregating to Rs 7,44,600/- shall stand forfeited upon the expiry of eighteen months from the date of allotment of Convertible Warrants.
The abovesaid 4,40,000 Equity Shares allotted to M/s. Cuckoo Fiscal Services Ltd shall rank pari-passu with the existing equity shares and shall be subject to a lock-in-period of one year from the date of allotment as per the revised SEBI (DIP) Guidelines.
The abovesaid 4,40,000 Equity Shares allotted to M/s. Cuckoo Fiscal Services Ltd shall rank pari-passu with the existing equity shares and shall be subject to a lock-in-period of one year from the date of allotment as per the revised SEBI (DIP) Guidelines.
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