Bodal Chemicals allots 4230634 shares

Bodal Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on March 10, 2009, inter alia, has allotted 42,30,634 Equity Shares of Rs 10 each fully paid at a premium of Rs 10/- per share, in pursuance of warrant conversion option i.e. 1 warrant converted into 1 equity share of Rs 10/- each fully paid at a premium of Rs 10/- per share during 1st to 28th February 2009, as per terms of Letter of Offer (Right Issue), dated February 26, 2008.

Further the Company has informed that, the Company had allotted 52,01,352 detachable warrants with equity shares as per terms of Right Issue on May 24, 2008. The Company has received 42,30,634 detachable warrants for conversion into 42,30,634 equity shares from warrant holders during 1st to 28th February 2009. Un-exercised warrants i.e. 9,70,718 were lapsed / cancelled after February 28, 2009.

The stock closed on Monday at Rs.17, up by Rs.0.40 or 2.41%. The stock hit an intraday high of Rs.17 and low of Rs.16.50.

The total traded quantity was 509 compared to 2 week average of 2322.

Source : Equity Bulls

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