Compact Disc India EGM approves warrants issue

Compact Disc India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 05, 2008, have discussed and approved by way of special resolution to allot and issue on preferential basis, 14,00,000 warrants to Pariscope Pictures Pvt. Ltd., an Indian Company, at a price of Rs 100/- per warrant, convertible into fully paid up equity shares of Rs 10/- at a premium of Rs 90/-.

The allotment of 14,00,000 warrants to iMedia Ventures Ltd, an overseas Company could not be considered and approved as Reserve Bank of India, Bombay has advised the Company to have necessary approval from Foreign Investment Promotion Board (FIPB) for issuance of warrants.

The stock was trading at Rs.33.45, up by Rs.0.15 or 0.45%. The stock hit an intraday high of Rs.33.50 and low of Rs.32.80.

The total traded quantity was 9525 compared to 2 week average of 13081.

Source : Equity Bulls

Keywords