Saraswati Commercial (India) has been allotted 7,00,000 convertible warrants convertible into 7,00,000 equity shares of Rs. 10/- each fully paid-up, at a price of Rs. 382/- per warrant, through allotment under the preferential issue of Tilaknagar Industries.

Further, as per the terms of the preferential issue, the Company has paid the 25% of the total value of 7,00,000 convertible warrants, amounting to Rs. 6,68,50,000/-. The balance payment of 75% towards the convertible warrants will be made by the Company at the time of allotment of equity shares pursuant to exercise of the options against each such warrant. Upon payment, the Company will be allotted 7,00,000 equity shares of Tilaknagar Industries in the ratio of 1 equity share for each warrant.