Update on Asian Electronics

Asian Electronics is under restructuring at the moment. The much awaited Rights issue in Asian Electronics was announced earlier this week.

1. Rights Issue:
Issue of 1,53,59,139 Equity Shares of Rs. 5/- each in the Equity Share Capital of the Company to be issued to the existing Shareholders in the proportion of 1 Equity Share of Rs. 5/- each for every existing 2 Equity Shares of Rs. 5/- each at the issue price of Rs. 20/- per Equity Share on the terms and conditions as contained in the Draft Letter of Offer which has been approved by the Board. The said Draft Letter of Offer is subject to approval of SEBI and Stock Exchanges.

2. Allotment of 8,33,333 warrants convertible to Equity shares to Investors at Rs. 40/- a share.

In separate filings to the BSE, Shah Investments, Financials, Developments & Consultants Pvt. Ltd. (SIFDC) informed that they have sold 0.84% of the shares in the open markets. SIFDC is the major share holder in Asian Electronics.
Uploaded at 12/11/2009 07:22:00 PM
by Chinmay
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