Sujana Tower Promoters Convert 25 lakh warrants into equity at Rs 135

Sujana Tower Promoters Convert 25 lakh warrants into equity at Rs 135

Sujana Towers Ltd (BSE 532887) has allotted 25,00,000 equity shares at a price of Rs 135 per share, to the Promoter Group against conversion of 25,00,000 warrants out of 80,00,000 warrants, which were allotted by the Company on October 23, 2007 by way of preferential allotment. The transaction was carried out on March 31st 2008 and informed to the BSE on April 1, 2008.

The Resolution of October 23, 2007

Sujana Towers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 23, 2007, inter alia, has passed the following resolutions:

1. Resolution for issue of Compulsorily Convertible Warrants of 80,00,000 of Rs 5/- each at a premium of Rs 135/- per warrant to the Promoters Group through Preferential Issue.

2. Resolution for issue of 8,00,000 Optionally Fully Convertible Debentures of Rs 100/- each to IFCI Ltd, Hyderabad