CTIL Ltd approves conversion of 29,27,000 warrants

The Board of Directors of CTIL Ltd at its meeting held on December 24, 2013, have verified the Postal Ballot Results and the same was approved for submission to statutory authorities.

The directors have taken on record the exercise of conversion options allotted to Promoters and Promoter group for 30,00,000 convertible Equity Share Warrants of Rs.10/- each at a premium of Rs.6.50/- per Warrant. Out of 30,00,000 Convertible Equity share Warrants only 29,27,000 warrant holders paid the full allotment money of Rs.16.50/- per share warrant. The Board of directors of the Company have therefore allotted 29,27,000 equity shares of the face value of Rs.10/- per equity share to the holders of 29,27,000 convertible equity share warrants.

With the permission of the Chairman of the Board, the Board has approved the appointment of Sri. Nandipati Venkata Simhadri, as Additional Director of the Company w.e.f. December 24, 2013.

Shares of CTIL Ltd was last trading BSE at Rs.5.10, down by Rs.0.23 or 4.32%. The stock hit an intraday high of Rs.5.50 and intraday low of Rs.5.07.

The total traded quantity was 1.46 lakh shares as compared to 2 week average of 1.01 lakh shares.

Source : Equity Bulls

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