Aditya Birla Nuvo approves issue of 1,65,00,000 warrants

The Board of Directors of Aditya Birla Nuvo Ltd at its meeting held on March 26, 2012, has decided to issue 1,65,00,000 Warrants of face value of Rs. 10 each to Promoter / Promoter Group on preferential allotment basis, entitling the holder of Warrant to apply for and obtain allotment of one Equity Share against each Warrant in accordance with the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of the Chapter VII of Securities And Exchange Board Of India (Issue of Capital And Disclosure Requirements) Regulations, 2009 [SEBI (ICDR) Regulations].

The Board also approved proposal to convene an Extra Ordinary General Meeting for the approval of aforesaid Preferential issue/ allotment on April 25, 2012, at the Registered Office of the Company at Indian Rayon Compound, Veraval, Gujarat.

The Aditya Birla Nuvo Ltd stock was trading at Rs.939.35, down by Rs.9.50 or 1%. The stock hit an intraday high of Rs.957.95 and low of Rs.932.80.

The total traded quantity was 7070 compared to 2 week average of 19305.

Source : Equity Bulls

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