On conversion of warrants
Excel Industries announced that the Allotment Committee of Directors of the Company at its meeting held on 24 September 2015 has issued and allotted 1,75,000 fully paid equity shares of Rs. 5/- each of the Company at a premium of Rs. 64/- per share to Utkarsh Global Holdings (a promoter group company) by conversion of 1,75,000 warrants held by the allottee on preferential basis in terms of Chapter VII of SEBI (ICDR) Regulations, 2009.The equity shares issued and allotted to Utkarsh Global Holdings, by conversion of warrants, shall rank pari passu in all respect with the existing equity shares of the Company and the equity shares shall be locked-in for three years from the date of trading approval granted for such equity shares.
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