Held on 10 February 2015
Zicom Electronic Security Systems announced that the Board of Directors of the Company at its meeting held on 10 February 2015, inter alia, have approved the following:1. Allotment of 10,50,000 Warrants, each Warrant carrying an entitlement to subscribe to one (1) Equity Share of Rs. 10/- each of the Company, on preferential basis for cash at a price Rs. 160/- per Share, i.e. at a premium of Rs. 150/- per Share, to the Promoter Group Companies.
The said allotment is being made in accordance with SEBI's Guidelines for Preferential Issue, i.e. Chapter VII of SEBI ICDR Regulations. The Face Value of the Warrants is equal to 25% of the offer price of the Resulting Equity Shares to which the warrant holders are entitled to subscribe, i.e. Rs. 40/- per Warrant. The Warrants including the Resulting Equity Shares shall be under lock-in as per SEBI Guidelines. Further, the warrant holders are entitled to exercise the rights attached to the Warrants, to subscribe to one (1) Equity Share, within 18 months from the date of their allotment.
2. Approval of remuneration payable to Pramoud Rao, Managing Director for the balance period of two years i.e. from 01 March 2015 till 28 February 2017.
Powered by Capital Market - Live News
