RPG Life Sciences approves issue of 21.38 lakh warrants

Rpg Life Sciences Limited has announced that the Board of Directors of the Company on February 20, 2009 has approved the issue of 15,00,000 convertible warrants to Petrochem International Limited and 6,38,000 convertible warrants to KEC Holdings Limited, both Promoter Group Companies, on preferential basis, aggregating to 21,38,000 convertible warrants, convertible into equivalent number of equity shares of face value of Rs.8/- each at a premium on full payment, in one or more tranches, within 18 months from the date of allotment of the warrants.

The price will be determined in accordance with the Guidelines for Preferential Issues contained In Chapter XIII of the Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000, considering February 24, 2009 as the Relevant Date for this purpose. The aforesaid issue of convertible warrants to the Promoters is subject to the approval of the shareholders of the company.

The Board approved conduct of postal ballot for seeking the approval of the shareholders or the Company for above preferential issue.

The stock was trading at Rs.23.25, down by Rs.0.25 or 1.06%. The stock hit an intraday high of Rs.23.45 and low of Rs.21.60.

The total traded quantity was 11242 at an average price of Rs 23 resulting in a turnover of Rs 2.59 Lakhs.

Source : Equity Bulls

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