IOL Netcom aproves preferential issue of 60 Lakh warrants at Rs 120

IOL Netcom Ltd has announced that the Board of Directors of the Company at its meeting held on September 04, 2008, inter alia, has approved the Preferential issue of 60,00,000 (Sixty lakh) equity warrants to specified investors (Non Promoters) carrying an entitlement to apply for an equivalent number of equity shares of Rs 10/- (Rupees Ten Only) each at a price of Rs 120/- (Rupees One hundred twenty only) including a premium of Rs 110/- (Rupees One hundred ten only) in accordance with Chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

The Board also approved formation of a Committee to identify and negotiate with Companies in the wirline / wireless services & infrastructure with last mile access and to finalise the merger / acquisition of the same at the earliest.

The stock closed on Friday at Rs.100.85, down by Rs.3.80 or 3.63%.

The stock hit an intraday high of Rs.103 and low of Rs.99.45. The total traded quantity was 48863 compared to 2 week average of 208780.

Source : Equity Bulls

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