Sterlite Technologies seeks EGM approval for preferential issue

Sterlite Technologies Ltd has announced that the Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 29, 2009, to create, offer, issue and allot upto 64,50,000 (Sixty Four Lacs Fifty Thousand) warrants or any other securities or financial instrument(s) ('Warrant') to Promoters and its associates (the 'Warrant holders'), on preferential allotment basis, on such terms and conditions and in such manner as the Board may think fit, without offering the same to any other person, whether or not they are members of the Company; each Warrant entitling the holder thereof to apply for and be allotted one (1) equity share of Rs. 5/- each, at a price of Rs. 65/- (Rupees Sixty Five) per share, conversion of which must be made within a period not exceeding eighteen (18) months from the date of allotment of the Warrants, in one or more tranches, in accordance with the SEBI (DIP) Guidelines and other relevant guidelines as may be applicable, and that the Warrants so issued or allotted give rise (on allotment or upon conversion/exercise of right) to not more than 64,50,000 equity shares of Rs. 5/- each, subject to necessary approvals & provision.

The stock was trading at Rs.72.35, up by Rs.0.45 or 0.63%. The stock hit an intraday high of Rs.75.45 and low of Rs.70.55.

The total traded quantity was 62839 compared to 2 week average of 89633.

Source : Equity Bulls

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