Rainbow Papers Ltd allots 6984700 shares to Promoter Group

The Board of Directors of Rainbow Papers Ltd at its meeting held on June 19, 2014, has considered and allotted 69,84,700 Equity Shares of face value of Rs. 2/- per share to one of the promoter group Company viz. M/s. Drupa Suppliers Pvt. Ltd., pursuant to the conversion of the balance 69,84,700 warrants outstanding for conversion as on date out of 90,00,000 warrants allotted to the said Company on December 20, 2012 on preferential basis under Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Shares of RAINBOW PAPERS LTD. was last trading in BSE at Rs.83 as compared to the previous close of Rs. 82.55. The total number of shares traded during the day was 70411 in over 530 trades.

The stock hit an intraday high of Rs. 83.4 and intraday low of 82. The net turnover during the day was Rs. 5810591.

Source : Equity Bulls

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