Sturdy Industries to issue 20 Lakhs Warrants at Rs.17

Sturdy Industries Ltd has announced that the Board of Directors of the Company at its meeting held on September 24, 2007, inter alia, has decided to issue 20,00,000 warrants of face value of Rs 10 each at a price of Rs 17 per warrant to strategic investors of non-promoter group on preferential basis. These warrants are convertible into equity shares and the price has been arrived at in accordance with the provisions of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000. The issue is subject to the approval of the Shareholders at Extra Ordinary General Meeting scheduled to be held on October 03, 2007.

The stock closed the day at Rs.7.65, up by Rs.0.36 or 4.94%. The stock hit an intraday high of Rs.7.65 and low of Rs.7.65.

The total traded quantity was 100 compared to 2 week average of 233.

Source : Equity Bulls

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