BPI Indicated At A Price Increase Across

Berger Paints India (BPI) has announced the allotment of two crore equity warrants to Jenson & Nicholson (Asia), a part of the promoter group of BPI, for Rs 9.9 crore and these are convertible into equity shares of Rs 2 each within 18 months. The warrants were issued for Rs 49.50 each, which is more than the price determined under the Securities and Exchange Board of India (Sebi) guidelines 2000, and represent a premium of about Rs 9 over the current market price, said a company press release. Berger Paints has undertaken modernisation and expansion activities at its Goa and Rishra plants, besides expanding the facilities at Gujarat and Jammu, at a net capex of Rs 100 crore by June 2009. Of late, BPI indicated at a price increase across the solvent-based decorative paints segment with effect from June 1.