Rohit Ferro-Tech Ltd approves issue of warrants

The Board of Directors of Rohit Ferro-Tech Ltd at its meeting held on January 10, 2015, have considered and approved the proposal to increase the Authorised Share Capital from Rs. 150 Crores to Rs. 185 Crores divided into 18,50,00,000 Equity Shares of Rs. 10 each, subject to the approval of the shareholders.

M/s. S. Jaykishan, the Statutory Auditor have vide their letter dated January 06, 2015 have expressed their unwillingness to continue as the Statutory Auditor of the Company. In view of above the Board of Director at its meeting held on January 10, 2015 have appointed M/s. R Kothari & Co., Chartered Accountant as the Statutory Auditors of the Company till the conclusion of the next Annual General Meeting, subject to the approval of members of the Company.

The Board also approved proposal to offer and allot, subject to the approval of the shareholders, 7,12,05,000 (Seven Crores Twelve Lacs Five Thousand) Convertible Warrants of nominal value of Rs 10/- each at a price of Rs. 20/- per Warrant (including a premium of Rs. 10/- per Warrant) in accordance with SEBI (ICDR) Regulations, 2009, to the entities belonging to the promoter group and strategic investors belonging to non-promoter group on preferential basis.

Shares of ROHIT FERRO-TECH LTD. was last trading in BSE at Rs.8.46 as compared to the previous close of Rs. 8.14. The total number of shares traded during the day was 39637 in over 319 trades.

The stock hit an intraday high of Rs. 8.69 and intraday low of 8.16. The net turnover during the day was Rs. 335020.

Source : Equity Bulls

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