IOL Broadband to issue 20 Lakh warrants, change name as IOL Netcom Ltd

IOL Broadband Ltd has announced that the Board of Directors of the Company through circular resolution passed on December 01, 2007 has approved to make a preferential issue of 20,00,000 warrants to specified Investors (Non-promoters), carrying an entitlement to apply for the equivalent number of equity shares of Rs 10/- each at a price of Rs 576/- (including premium of Rs 566/- per share), in accordance with chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

The Board also approved the alteration of the Articles of Association of the Company.

Subject to the requisite approval, to Change the name of the Company from "IOL Broadband Ltd" to "IOL Netcom Ltd".

The stock was trading at Rs.507, up by Rs.5.50 or 1.10%. The stock hit an intraday high of Rs.519.95 and low of Rs.504.

The total traded quantity was 17998 compared to 2 week average of 66733.

Source : Equity Bulls

Keywords