AK Capital Services allots 8 lakh shares

AK Capital Services Ltd has announced that the Board of Directors of the Company at its meeting held on April 13, 2009, inter alia, have considered and approved 8,00,000 new equity shares of Rs 10 each of the Company credited as fully paid-up were allotted to FirstRand (Ireland) Public Ltd Company, at a premium of Rs 215 per equity share, pursuant to conversion of 8,00,000 6% convertible cumulative preference shares (CCPS).

The Board noted that 30,00,000 equity warrants issued on preferential basis to 5 identified persons including the Promoters and others on October 13, 2007 have lapsed on April 12, 2009 due to non exercise of those warrants

The Board noted that the shareholding of FirstRand (Ireland) Public Ltd Company has reduced to 7.11% from 13.79% of the paid up capital of the Company. Pursuant to the provisions of Share Subscription and Shareholders' Agreement ("SSA") dated September 11, 2007, the SSA stands terminated w.e.f. March 24, 2009. Consequently, FirstRand (Ireland) Public Ltd Company has withdrawn its nomination on the Board of Directors of the Company and as a result Mr. Srinath Srinivasan, nominee of FirstRand (Ireland) Public Ltd Company, has stepped down from the Board.

The stock closed the day at Rs.147.50, up by Rs.0.70 or 0.48%. The stock hit an intraday high of Rs.148 and low of Rs.142.50.

The total traded quantity was 5619 compared to 2 week average of 11864.

Source : Equity Bulls

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