Berger allots 20,000,000 equity warrants to J

Kolkata, May 19 (UNI) Berger Paints India Limited today allotted 20,000,000 equity warrants to Jenson&Nicholson (Asia) Limited upon receipt of Rs 9.9 crore towards ten per cent of the total issue price from the allottee.

Company Vice-President Aniruddha Sen said in a statement here that the issue was made at a price of Rs 49.50 per warrant of a face value of Rs two each, higher than the price determined under the Securities and Exchange Board of India (Disclosure and Investor Protection) guidelines, 2000, and represented a premium of about Rs nine over the current market price.

Each of the aforesaid equity warrants was convertible into equity share of a face value of Rs two each, subject to fulfilment of conditions contained in the relevant guidelines and notice to the shareholders for approval of the issue, Mr Sen stated.

Once fully paid, the company would receive Rs 99 crore out of the aforesaid warrant issue.

As per the terms of the issue, the proceeds of the warrant issue would be used for the company's various inorganic and organic growth plans, he informed.

UNI SJC KK RN1836