Lyka Labs to issue shares at Rs 55

Lyka Labs Ltd has announced that the Board of Directors of the Company at its meeting held on November 07, 2007, has decided that the Company will issue upto 36,50,000 Equity Shares to Foreign Investor / Business Associates / Body Corporates and Other Domestic Investors at Rs 55/- per Share on the terms and conditions as per the SEBI Guidelines on Preferential issue date August 04, 1994.

The Board has also decided to issue 22,00,000 Equity Warrants to the Promoters and Business Associates at an exercise price of Rs 55/- per warrant on the terms and conditions as per the SEBI Guidelines on Preferential issue.

The Chairman has been authorized to take necessary steps and to call an Extra Ordinary General Meeting to consider passing of the Special resolution under section 81(1A) of Companies Act, 1956.

The Stock was trading at Rs.64.40, up by Rs.3.05 or 4.97%. The stock hit an intraday high of Rs.64.40 and low of Rs.61.50.

The total traded quantity was 492463 compared to 2 week average of 237969.

Source : Equity Bulls

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