Ceat Ltd approves issue of 1712176 warrants

The Board of Directors of Ceat Ltd at its meeting held on January 24, 2012, have, approved issue of 17,12,176 convertible warrants, convertible into equal number of equity shares of face value of Rs. 10/- each to the Promoters/companies belonging to the Promoters Group at a price to be determined in accordance with the provisions of Securities and Exchange Board of India (Issue of Capital & Disclosure) Regulations 2009.

The said issue is subject to the approval of the shareholders of the Company to be taken through postal ballot and also subject to any such other approval, consent, permission or sanction of any appropriate authority and also subject to any condition that may be imposed by the said appropriate authority while granting such approval, consent, permission or sanction.

The Ceat Ltd stock was trading at Rs.82.45, down by Rs.4.95 or 5.66%. The stock hit an intraday high of Rs.90.35 and low of Rs.80.05.

The total traded quantity was 5.97 lakhs compared to 2 week average of 0.72 lakhs.

Source : Equity Bulls

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