Karma Ispat to allot 1500000 Convertible warrants

Karma Ispat Ltd has announced that the Shareholders of the Company at the Extra Ordinary General Meeting held on March 16, 2009, have approved the Special resolution for preferential issue of 15,00,000 Convertible warrants of Rs 38/- each (1 convertible warrant of Rs 38/- each convertible into 1 equity share of Rs 10/- each at a premium of Rs 28/- per share) to Mrs. Bhavna Mehta belonging to the promoter group.

The Board of Directors which met later in the day i.e. March 16, 2009 have inter alia approved the allotment of 15,00,000 convertible warrants of Rs 38/- each to Mrs. Bhavna Mehta.

The stock was trading at Rs.48. The stock hit an intraday high of Rs.50 and low of Rs.46.

The total traded quantity was 805 compared to 2 week average of 4407.

Source : Equity Bulls

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