Rohit Ferro to issue 8000000 warrants to promoters and investors

Rohit Ferro Tech Ltd has announced that the Board of Directors of the Company at its meeting held on September 14, 2007, has decided to issue 80,00,000 warrants which are convertible into Equity shares on preferential basis to the persons belonging to Promoter Group and Strategic investors belonging to the Non Promoter Group.

Further the Company has informed that, the Extraordinary General Meeting for obtaining the shareholders approval for the above mentioned preferential issue is scheduled to be held on October 09, 2007 and the Board of Directors have approved the notice of the said Extraordinary General Meeting to be dispatched to the Shareholders of the Company.

Further, the Company has decided to enter into a Joint Venture with Iranian partners in the form of a Company to be incorporated in Iran, to explore the possibilities of marketing as well as sourcing of Raw-materials. Currently, the Company exports it's finished products and also imports the raw materials from Iran.

The stock closed the day at Rs.49.90, down by Rs.0.65 or 1.29%. The stock hit an intraday high of Rs.53.50 and low of Rs.48. The total traded quantity was 668695 compared to 2 week average of 568667.

Source : Equity Bulls

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