GE Shipping promoters to invest Rs 156cr

The board of directors of Great Eastern Shipping Company (GE Shipping) , at a meeting today, approved a preferential issue of 50,05,000 warrants, convertible into equity shares, to the promoters and directors of the company.

According to a release issued to the Bombay Stock Exchange, each warrant shall be convertible into one equity share of Rs 10 each at Rs 312.75 (including a premium of Rs 302.75) per share.

"An amount of Rs 32 per warrant shall be payable at the time of applying. The balance amount of Rs 280.75 per warrant shall be paid at the time of exercising the option to convert the warrants into shares. Currency of the warrants shall be 18 months from the allotment date," the release added.