Southern Ispat to allot 55 Lakhs warrants

Southern Ispat Ltd has announced that the Board of Directors of the Company at its meeting held on September 06, 2007, has resolved that 55 lakhs Share Warrants at the rate of Rs 1.02 (1/10th of the value of the Equity Shares to be allotted on exercise of option within six months from the date of allotment of the Share Warrants) against which the full subscription amount has been received, be and is hereby allotted as per list placed before the meeting duly initialled by the Chairman for the purpose of identification.

Resolved further that the Share Warrant holders should apply for equity shares by exercising their option within six months from the date of allotment of the Share Warrants.

Resolved further that the Share Warrants certificates as per specimen duly initialled by the Chairman be and is hereby approved and the same be issued to the allottees of the share warrants.

The stock was trading at Rs.10.60, up by Rs.0.71 or 7.18%. The stock hit an intraday high of Rs.10.87 and low of Rs.9.97. The total traded quantity was 11999 compared to 2 week average of 5971.

Source : Equity Bulls

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