SREI to issue 25 mln convertible warrants to promoters

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New Delhi, Sept 19 (UNI) SREI Infrastructure Finance Ltd today said it has decided to issue 25 million convertible warrants to its promoters.

The warrants, convertible into equity shares in one or more tranches over a period of eighteen months, are proposed to be issued to the promoter Group at a price of Rs 100 per share, it said in a statement.

The promoters' holding in the company would rise to 35.01per cent on conversion from 20.10 per cent now, it added.

''This will help augment promoter's holding that had got diluted due to the GDR issue in April 2005,'' company's Vice Chairman and Managing Director Hemant Kanoria said.

He said the infrastructure financing sector in India is poised for an exponential growth in the next five years and it was imperative for the company to strengthen its financial position as well as increase its net worth.

UNI

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