International Conveyors approves allotment of 210000 shares

International Conveyors Ltd has announced that the Board of Directors of the Company at its meeting held on March 16, 2009, inter alia, has approved allotment of 2,10,000 equity shares to Mavi Investment Fund Ltd, 2,10,000 equity shares to Cresta Fund Ltd on conversion of warrants in respect of whom balance 90% amount was received and notice was given.

Further the Company has informed that, it has also received balance 90% amount on 3,00,000 convertible warrants from Elara India Opportunities Fund Ltd on March 14, 2009 and accordingly board has also decided and approved the allotment of 3,00,000 equity shares to them.

The stock closed the day at Rs.116.75, up by Rs.0.80 or 0.69%. The stock hit an intraday high of Rs.116.75 and low of Rs.113.

The total traded quantity was 338 compared to 2 week average of 358.

Source : Equity Bulls

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