Balrampur Chini to issue shares and warrants on preferential basis at Rs 92

Balrampur Chini Mills Ltd has announced that the Board of Directors of the Company at its meeting held on November 27, 2007 decided to issue upto 7,300,000 Equity Shares of Re 1 each at a price of Rs 92/- per share and upto 10,000,000 Convertible Warrants to be convertible at the option of the warrant holder within 18 months from the date of allotment into 1 fully paid up equity share of the Company of face value of Re 1 each for cash at an exercise price of Rs 92 (including Premium of Rs 91) for each warrant to the promoter group subject to approval of the shareholders and in accordance with the SEBI (DIP) Guidelines.

The stock was trading at Rs.95.15, down by Rs.0.90 or 0.94%. The stock hit an intraday high of Rs.99.50 and low of Rs.94.35.

The total traded quantity was 608004 compared to 2 week average of 2532224.

Source : Equity Bulls

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