Ceat approves allotment of 17,12,176 Convertible Warrants to Promoters

Pursuant to the approval of the shareholders obtained through postal ballot on March 07, 2012, and the in-principle approval of the Stock Exchanges, the Board of Directors of Ceat Ltd have at their meeting held on March 12, 2012, approved the allotment of 17,12,176 Warrants of face value Rs. 10/- each convertible into equity shares of an equivalent number to Instant Holdings Limited, a Company belonging to the promoter group of Companies at a price of Rs. 85.03 per warrant.

The Warrants are convertible into equity shares at the option of the allottee i.e. Instant Holdings Limited at any time within 18 months from the date of allotment i.e. before September 11, 2013.

The Ceat Ltd stock was trading at Rs.85.55, up by Rs.1.25 or 1.48%. The stock hit an intraday high of Rs.85.90 and low of Rs.84.40.

The total traded quantity was 5733 compared to 2 week average of 20108.

Source : Equity Bulls

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