Ritesh Properties to allot 40 Lakh Warrants at Rs 55

Ritesh Properties & Industries Ltd has announced that a meeting of the Board of Directors of the Company will be held on November 26, 2007, to allot 40,00,000 warrants convertible into equity shares within a period of 18 months at a price of Rs 55/- per warrant to be converted into 40,00,000 equity shares of Rs 10/- each at a premium of Rs 45/- on preferential to other than promoters on a preferential basis.

The stock closed the day at Rs.61, up by Rs.1.20 or 2.01%. The stock hit an intraday high of Rs.65 and low of Rs.57.40.

The total traded quantity was 33268 compared to 2 week average of 22237.

Source : Equity Bulls

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