Garden Silk Mills Ltd approves allotment of 1842105 shares at Rs. 38

The Board of Directors of Garden Silk Mills Ltd at its meeting held on March 19, 2014, approved the proposal for issue / allotment of 1842105 equity shares of Rs. 10 each fully paid up at a premium of Rs. 28 per share to the warrant holders, part of promoters group on exercise of conversion option.

Consequent to the said allotment, the paid up equity share capital of the company has increased from 38290560 equity shares of Rs. 10 each aggregating to Rs. 38,29,05,600 to 40132665 equity shares of Rs. 10 each aggregating to Rs. 40,13,26,650.

The aforesaid equity shares so allotted on conversion of the share warrants shall be locked-in for a period of 3 (three) years from the date of allotment in terms of SEBI (ICDR) Regulations 2009 and rank pari passu in all respects with the existing fully paid up equity shares of the Company.

Shares of GARDEN SILK MILLS LTD. was last trading in BSE at Rs.41.95 as compared to the previous close of Rs. 40. The total number of shares traded during the day was 97642 in over 1349 trades.

The stock hit an intraday high of Rs. 42.7 and intraday low of 40.95. The net turnover during the day was Rs. 4062971.

Source : Equity Bulls

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