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The board of Mid-day Multimedia has allotted 8,33,333 equity shares of Rs 10 each at a price of Rs 60 per share (premium of Rs 50 per share) aggregating to Rs 4,99,99,980 to Banhem Financial and Investment Consultants, an affiliate of Bennett Coleman & Co., against conversion of (0.01%) 8,33,333 convertible preference shares issued at a price of Rs 60 per share and 8,33,333 equity shares of Rs 10 each at a price of Rs 60 per share (premium of Rs 50 per share) aggregating to Rs 4,99,99,980 to Ferari Investments and Trading Co., a promoter group company against conversion of 8,33,333 share warrants issued at an exercise price of Rs 60 per warrant. Out of which Rs 6 per warrant i.e. Rs 49,99,998 was paid upfront at the time of issue of warrants, balance Rs 54 per warrant i.e. Rs 4,49,99,982 received at the time of conversion of shares warrants into equity shares.
Consequent upon the said allotment, the paid up capital of the company stands increased to Rs 52,83,52,760.
These shares were allotted at the board meeting held on 11 June 2008.
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