Compact Disc India to issue warrants at Rs 100

Compact Disc India Ltd has announced that the Board of Directors of the Company at its meeting held on November 05, 2008, inter alia, has approved and adopted to issue convertible warrants of Rs 10/- each at a price of Rs 100/- on preferential basis to non-promoters.

i) iMedia Ventures Ltd (an overseas Company) - 14,00,000 warrants

ii) Pariscope Pictures Pvt. Ltd. (an Indian Company) - 14,00,000 warrants

The total issue is of 28,00,000 warrants. Each Warrant will be convertible into one equity share of Rs 10/- each of the Company at a premium of Rs 90/- at the option of the warrant holders, at any time within a period of 18 months from the date of allotment of warrants. The price of warrant is based on relevant date i.e. November 05, 2008.

To Convene Extra Ordinary General Meeting of the members of the Company on December 05, 2008 to seek their approval by way of Special Resolution, to issue and allot the said 28,00,000 convertible warrants on preferential basis.

The stock was trading at Rs.43.85, up by Rs.2.15 or 5.16%. The stock hit an intraday high of Rs.45.50 and low of Rs.40.

The total traded quantity was 122533 compared to 2 week average of 39207.

Source : Equity Bulls

Keywords