Hindustan Construction Company Ltd allots 39215686 Equity Shares against conversion of warrants

The Committee of Directors of Hindustan Construction Company Ltd at its Meeting held on May 02, 2014 has approved the allotment of 3,92,15,686 Equity Shares of Rs. 1/- each pursuant to conversion of 3,92,15,686 Warrants issued by the Company on preferential basis to the Promoter Companies (Hincon Holdings Ltd and Hincon Finance Ltd).

The said warrants were issued at a price of Rs. 16.32 per equity share (including a premium of Rs. 15.32) aggregating Rs. 64 crore (rounded off) in June 2013 as per the SEBl prescribed formula as specified under Chapter VII of SEBI (ICDR) Regulations, 2009.

Shares of HINDUSTAN CONSTRUCTION CO.LTD. was last trading in BSE at Rs.20.4 as compared to the previous close of Rs. 19.05. The total number of shares traded during the day was 4762404 in over 15963 trades.

The stock hit an intraday high of Rs. 21 and intraday low of 19.1. The net turnover during the day was Rs. 96614758.

Source : Equity Bulls

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