International Conveyors approves conversion of warrants

International Conveyors Ltd has announced that the Board of Directors of the Company at its meeting held on March 30, 2009, inter alia, Pursuant to receipt of balance 90% of subscription money and a request letter from Mavi Investment Fund Ltd, Cresta Fund Ltd and Elara India Opportunities Fund Ltd. in terms of section 81 (1A) of the Companies Act and other applicable provision, if any, of the Companies Act, 1956 and in accordance with the provisions of Articles of Association of the Company 1,15,000 convertible warrants of Mavi Investment Fund Ltd, 1,15,000 convertible warrants of Cresta Fund Ltd and 25,000 convertible warrants of Elara India Opportunities Fund Ltd be converted into equivalent number of Equity shares of Rs 10/- (Rupees Ten only) each at a premium of Rs 228/- (Rupees Two Hundred Twenty Eight Only) and such equity shares shall rank pari passu in all respects with the existing shares of the Company except in for dividend for the year 2008-09, if any declared, for which they shall be entitled on pro rata basis.

The stock closed the day at Rs.112.55, up by Rs.0.50 or 0.45%. The stock hit an intraday high of Rs.112.55 and low of Rs.106.55.

The total traded quantity was 520 compared to 2 week average of 387.

Source : Equity Bulls

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