Energy Development to issue 40 Lakh warrants

Energy Development Company Ltd has announced that the Board of Directors of the Company at its meeting held on July 30, 2008, inter alia, has decided to issue of 40,00,000 (Forty Lacs) warrants on preferential basis, convertible into 40,00,000 equity shares of Rs 10/- each fully paid up within 18 months from the date of allotment, at a price to be determined in accordance with the SEBI Guidelines, to non-promoters / promoters / promoters group of the Company, subject to necessary approval of shareholders of the Company.

The stock closed the day at Rs.152.80, down by Rs.4.90 or 3.11%. The stock hit an intraday high of Rs.164.60 and low of Rs.150.40.

The total traded quantity was 93704 compared to 2 week average of 76906.

Source : Equity Bulls

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