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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.
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