Asian Oilfield to issue 43,22,900 warrants at Rs.76

Asian Oilfield Services Ltd has announced that the Board of Directors of the Company at its meeting held on July 10, 2007, has decided the following:

1. To issue 43,22,900 Warrants at a price of Rs 76/- per Warrant to Promoters and non-promoters Strategic Investors, Each Warrant is carrying a right to subscribe to equal number of Equity Shares in the Company to be converted with in a period of 18 months in cash by way of Preferential Allotment in terms of Section 81 (1A) of the Companies Act, 1956 and as per the Guidelines for Preferential Issue issued by SEBI under SEBI (DIP) Guidelines.

2. To increase Authorised Share Capital to Rs 15,00,00,000/-.

3. To convene an Extra Ordinary General Meeting of the Members of the Company on August 04, 2007 to seek their approval for the aforesaid purposes.

The stock closed the day at Rs.105.25, up by Rs.5 or 4.99%. The stock hit an intraday high of Rs.105.25 and low of Rs.105. The total traded quantity was 13017 compared to 2 week average of 73209.

Source : Equity Bulls

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