4 lakh shares allotted on warrant conversion to promoter group

Board allotted 4,00,000 equity shares to promoter group member Ravi Jabbar Sharma upon conversion of 4,00,000 convertible warrants on preferential basis. Total consideration received was Rs 30 lakh at Rs 7.5 per share (75 percent balance amount). Company paid-up capital increased to Rs 10.40 crore divided into 1.04 crore shares of Rs 10 each. Post-allotment, the allottee holds 3.84 percent stake in the company.