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On 14 April 2017Western India Shipyard announced that the Share Allotment Committee approved the allotment of 9,25,00,000 equity shares of the Company to Bermaco Energy at face value of Rs. 2 (at par) each fully paid-up, for which the Company has received an amount of Rs.18.50 crore.
The Share Allotment Committee also approved the allotment of 3,25,00,000 warrants of the Company to Bermaco Energy at face value of Rs.2 (at par) each, aggregating to Rs.6.50 crore, convertible into equivalent number of equity shares within a period of 18 months, for which the Company has received an amount of Rs.1.62 crore, being 25% of the aggregate consideration towards the warrants. The shares issued and the shares arising on conversion of the warrants are subject to lock in of one year from the date of allotment of the shares. dated 31 March 2017 received from BSE.
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