Raj Rayon allots 81500 shares

Raj Rayon Ltd has announced that the Committee of Directors (CoD) of the Company at its meeting held on March 20, 2009, inter alia, has considered the exercise of conversion option by RAJ MONEY MARKET LTD, the warrant holder in respect of conversion of 81500 preferential warrants in to Equity Shares of the Company out of their total warrant holdings of 19,27,000 and allotted 81500 Equity Shares to Raj Money Market Ltd and decided that the aforesaid Equity Shares will be issued in dematerialized form and will be directly credited to their beneficiary Account.

The Committee also noted that these 81500 Equity Shares of Rs 10/- each of the Company will be locked-in for a period of 36 months or 3 years from the date of Allotment i.e., from March 20, 2009 to March 19, 2012 as per the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the same be intimated to the Depository participant Stock Exchange(s) etc.

Consequent to this allotment, the Equity Share Capital of the Company has increased from Rs 17,01,77,000 to Rs 17,09,92,000.

The stock was trading at Rs.5.30, up by Rs.0.05 or 0.95%. The stock hit an intraday high of Rs.5.30 and low of Rs.5.25.

The total traded quantity was 600 compared to 2 week average of 3724.

Source : Equity Bulls

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