Jaiprakash Associates to issue 12 Crores warrants

Jaiprakash Associates Ltd has announced that the Board of Directors of the Company at its meeting held on July 18, 2008, inter alia, has approved the issue of 12,00,00,000 (Twelve Crores) Convertible Warrants to Jaypee Ventures Pvt Ltd, a Promoters' Group Company, on Preferential basis, which shall be convertible into Equity shares of Rs 2/- each within 18 months, at a price to be determined in accordance with the SEBI Guidelines, subject to necessary approval of shareholders of the Company.

2. Re-constitution of the existing Committee of Directors to look into and suggest various options of restructuring including amalgamation of Companies having synergy with the business of the Company.

The Stock closed the day at Rs.160.55, up by Rs.11.50 or 7.72%. The stock hit an intraday high of Rs.163.60 and low of Rs.144.25.

The total traded quantity was 5458953 compared to 2 week average of 3960137.

Source : Equity Bulls

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