Lakshmi Overseas Industries allots 28,75,000 shares

Lakshmi Overseas Industries Ltd has announced that the Board of Directors of the Company at its meeting held on April 13, 2007, has allotted 28,75,000 equity shares of Rs 2/- each at a premium of Rs 128/- per share to M/s. LOIL Health Foods Ltd - an entity belonging to the Promoters' Group on conversion of 5,75,000 Convertible Warrants of Series - 2 (convertible into equal number of equity shares of Rs 10/- each at a price of Rs 650/- per share equivalent to 28,75,000 equity shares of Rs 2/- each at a price of Rs 130/- per share) allotted to them by the Company on March 30, 2006 on Preferential Basis.

The stock closed the day at Rs.155.60, down by Rs.1.45 or 0.92%. The stock hit an intraday high of Rs.159.80 and low of Rs.153. The total traded quantity was 2721 shares compared to 2 week average of 25851.

Source : Equity Bulls

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