/ Bafna Responds To Exchange's Query On Investors' Names In Lieu Of Warrants' Issuance ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 10 January 2017

Bafna Pharmaceuticals Limited has responded to the exchanges over its announcement about considering and deciding to issue 80,00,000 share warrants on a preferential basis to promoter and non-promoter groups, after a meeting held on January 7, 2017.

In its response, the company has stated that the type of securities proposed to be issued are share warrants convertible to equity shares, and the type of issuance would be preferential allotment. It has also listed the name of 17 investors in its response, saying that it could not inform earlier due to a holiday.

The Exchange had sought clarification from the company with respect to announcement dated January 9, 2017, informing that the Board of Directors of the Company was held on January 7, 2017, In the meeting, the following matters were decided by the Board: Considered and decided to issue 80,00,000 share warrants on preferential basis to promoter and non-promoter group at such price as may be arrived at in accordance with SEBI (ICDR) Regulations, 2009, subject to the approval of the members of the Company through Postal Ballot by way of passing a special resolution under section 42 and 62 of the Companies Act, 2013 and other necessary approvals.

It was further decided that the Company would notify through the newspapers the price of each equity share to be issued in lieu of Warrants calculated in accordance with Regulation 76(1) of Chapter of the SEBI ICDR Regulations on the basis of the Relevant Date for the benefit of the Members.
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