Mysore Cements allots 68603351 shares

Mysore Cements Ltd has announced that pursuant to the Scheme of Amalgamation of Indorama Cement Ltd (IRCL) and HeidelbergCement India Pvt Ltd (HIPL) into and with the Company sanctioned by the Hon'ble High Courts of Bombay, Punjab & Haryana and Karnataka, the Company has allotted 6,86,03,351 fully paid equity shares of Rs 10/- each to the shareholders of erstwhile IRCL and HIPL on March 27, 2009.

Further the Company has informed that out of the aforesaid equity shares, 6,86,03,255 equity shares have been allotted to Cementrum 1 B.V. of Netherlands, the sole promoter of the Company and the remaining 96 equity shares have been allotted to the individual shareholders of IRCL. The aforesaid equity shares were allotted to the shareholders of IRCL based on the list of beneficial owners received from the Depositories and the shares were allotted to the shareholders of HIPL on the basis of Register of Members.

After the aforesaid allotment Cementrum 1 B V, is holding 15,53,40,196 equity shares in the Company constituting 68.55% of the total equity share capital of the Company. Consequent to the aforesaid allotment of shares, the paid up equity share capital stands increased from Rs 15,800.98 lacs to Rs 22,661.31 lacs.

The stock was trading at Rs.19.05, up by Rs.2.45 or 14.76%. The stock hit an intraday high of Rs.19.60 and low of Rs.16.40.

The total traded quantity was 822530 compared to 2 week average of 108193.

Source : Equity Bulls

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