GE Shipping allots warrants on preferential basis at Rs.312.75

Great Eastern Shipping Company Ltd (GE Shipping) has announced that consequent upon shareholders' approval at the Company's Annual General Meeting held on July 26, 2007, the Company on August 09, 2007, has allotted 50,05,000 Warrants on preferential basis to the Promoters and Non Executive Directors of the Company.

Each Warrant shall be convertible into one Equity Share of the face value of Rs 10/- each of the Company at the option of the Warrant holder at anytime prior to the expiry of 18 months from the date of allotment of the Warrant the conversion price of the Equity Share being Rs 312.75 per Share. The Company has received Rs 32 per Warrant as per the terms of the issue.

The stock closed the day at Rs.340.45, down by Rs.7.35 or 2.11%. The stock hit an intraday high of Rs.357.35 and low of Rs.338.55. The total traded quantity was 225728 compared to 2 week average of 151314.

Source : Equity Bulls

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