Manappuram General Finance allots 2972246 shares

Manappuram General Finance & Leasing Ltd has announced that the Board of Directors of the Company at its meeting held on March 16, 2009, inter alia, has approved the conversion of 4952499 Compulsorily Convertible Preference shares of Rs 100 each issued by the Company into 29,72,246 Equity Shares or Rs 10 each.

The Board approved the allotment of equity shares on conversion of CCPS as below -
a) Hudson Equity Holdings Ltd - 6,87,923 Nos
b) Sequoia Capital India Investment Holdings I - 6,87,923 Nos
c) AA Development Capital India Fund I LLC - 13,44,337 Nos
d) GHIOF, Mauritius - 2,52,063 Nos

The Board also approved the scheme of merger of Manappuram Finance Tamilnadu Ltd (one of the Companies in the Manappuram Group) with Manappuram General Finance and Leasing Ltd.

The stock closed the day at Rs.134.50, up by Rs.5.55 or 4.30%. The stock hit an intraday high of Rs.137.80 and low of Rs.129.

The total traded quantity was 1328 compared to 2 week average of 3045.

Source : Equity Bulls

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