Diamond Cables allots shares on conversion of warrants

Diamond Cables Ltd has announced that the Board of Directors of the Company at its meeting held on December 02, 2008, has allotted 7,00,000 Equity Shares to M/s. Diamond Tele-Cabs Pvt. Ltd on conversion of 7,00,000 Equity Warrants into 7,00,000 Equity Shares of Rs 10/- each (at a premium of Rs 141/- per share, balance 90% received @ Rs 135.9 per share) out of total 12,38,410 Equity Warrants.

The company also allotted 7,50,000 Equity Shares to M/s. Clearwater Capital Partners Cyprus Ltd on conversion of 7,50,000 Equity Warrants into 7,50,000 Equity Shares of Rs 10/- each (at a premium of Rs 141/- per share, balance 90% received @ Rs 135.9 per share for entire 10,00,000 Equity Warrants) out of total 10,00,000 Equity Warrants.

The stock was trading at Rs.94.80, down by Rs.4.95 or 4.96%. The stock hit an intraday high of Rs.100 and low of Rs.94.80.

The total traded quantity was 722 compared to 2 week average of 135897.

Source : Equity Bulls

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