Syncom Formulations to issues shares, warrants on rights basis

Syncom Formulations India Ltd has announced that the Board of Directors of the Company at its meeting held on November 11, 2008, has considered and approved the Draft Letter of Offer for the proposed Right Issue of the 31,12,500 equity shares of Rs 10/- each for cash at a premium as may be decided by the Board on the ratio of 1:2 as per clause 2.4.1(iv) of SEBI (DIP) Guidelines, 2000 and issue of one [1] detachable warrant for every one [1] equity share allotted on right basis by the Company to the members on such record date as may be decided by the Company.

The Stock closed the day at Rs.18, down by Rs.0.85 or 4.51%. The stock hit an intraday high of Rs.18.45 and low of Rs.17.

The total traded quantity was 1053 compared to 2 week average of 2294.

Source : Equity Bulls

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