Great Eastern Shipping Company Ltd would be issuing 50.05-lakh convertible warrants to promoters and directors on a preferential basis.

The warrants can be converted into equal number of equity shares (of Rs 10 face value) at a price of Rs 312.75 after 18 months. GE Shipping shares were down 3.45 per cent at Rs 335.90 on the BSE. An amount of Rs 32 per warrant will be payable at the time of applying for the warrants. The balance of Rs 280.75 per warrant will be paid at the time of converting them into equity shares. The currency of the warrants will be 18 months from the allotment date, the company said in a notice to the stock exchange.