V2 Retail Ltd allots 3952720 warrants

Pursuant to the authority given by the Board of Directors of V2 Retail Ltd at its meeting held on February 20, 2014, subsequent to the shareholders' approval in Extra-Ordinary General Meeting dated March 21, 2014, the Board of Directors has, at its meeting held on April 04, 2014, allotted 39,52,720 (Thirty Nine Lacs Fifty Two Thousand Seven Hundred Twenty only) warrants to be convertible at the option of Warrant holders in one or more trenches, to Mr. Akash Agarwal, the Promoter and/or Promoter Group with each warrant carrying an option/entitlement to subscribe to one equity share of the face value of Rs. [10]/- each in exchange of each such Warrant within a maximum period of 18 months from the date of issue of Warrants. An amount equivalent to 25% of the issue price has been received from him, which entitles him to apply for an equivalent number of equity shares on payment of balance 75% of the issue price within 18 months from the date of allotment of warrants.

Shares of V2 RETAIL LTD. was last trading in BSE at Rs.14.4 as compared to the previous close of Rs. 13.75. The total number of shares traded during the day was 10092 in over 53 trades.

The stock hit an intraday high of Rs. 14.4 and intraday low of 13.8. The net turnover during the day was Rs. 143504.

Source : Equity Bulls

Keywords