The committee of the board of directors of Dewan Housing, which met today, approved a proposal to issue 70,65,456 optionally convertible preference shares of Rs 25 each at a premium of Rs 50 each, aggregating to Rs 52,99,09,200, to UK-based Caledonia Investments Plc.According to a release issued by Dewan Housing to the BSE today, the foreign investor would be offered an option to convert the preference shares to 70,65,456 equity shares of Rs 10 each and a premium of Rs 65 per share after 13 months but before 18 months from the date of allotment."The meeting also approved issue of 33,35,000 optionally convertible warrants of Rs 75 each, aggregating to Rs 25,01,25,000, to a promoter group firm Wadhawan Holding. The warrants are convertible into shares, at the option of the warrant holders, after 13 months but before 18 months from the date of allotment," the release added.
