Punjab Chemicals to issue warrants at Rs 126

The Board of Directors of Punjab Chemicals & Crop Protection Ltd at its meeting held on November 29, 2007, has approved to create, issue, offer and allot on a preferential basis 15,10,000 convertible warrants into Equity shares of Rs 10/- each at the price of Rs 136/- per share (including premium of Rs 126/-) convertible in one or more trenches to various entities including the promoters as per applicable provisions of Companies Act 1956, Guidelines issued by SEBI on Preferential Issues, FEMA 1999, RBI Guidelines, Listing agreements with Stock exchange and also subject to all such approvals, permissions, sanctions and consents required if any, from the respective statutory authorities.

The Board has decided to hold an Extra Ordinary General Meeting of the shareholders on December 27, 2007 for getting the approval for allotment of the above preferential convertible warrants.

The stock closed the day at Rs.144.30, up by Rs.2.65 or 1.87%. The stock hit an intraday high of Rs.149.45 and low of Rs.142.

The total traded quantity was 42176 compared to 2 week average of 15415.

Source : Equity Bulls

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