Aro Granite to issue 369000 warrants at Rs.120

Aro Granite Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 14, 2006, has decided, Subject to the approval of the shareholders and regulatory authorities, to issue 3,69,000 convertible warrants of Rs 120/- each, convertible into one equity share of Rs 10/- at a premium of Rs 110/- per share, on a preferential basis to identified person in the promoter group.

The warrants which are convertible within an aggregate period time of 18 months from the date of allotment are proposed to be issued for meeting the long term resources requirement to support business growth, expansion and working capital requirement.

Source : Equity Bulls

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