Arvind to issue 3.32 crore warrants

Arvind Ltd has announced that the Board of Directors of the Company at its meeting held on April 16, 2009, inter alia, has approved the issue of 3,32,00,000 warrants convertible into equity shares to the promoter and / or promoter group on preferential basis, subject to approval of the shareholders and other statutory approvals, if any. The warrants are convertible into equity shares within a period of 18 months in one or more tranches at a price not less than Rs 15/- per share and as determined in accordance with and on the terms and conditions mentioned in Chapter XIII of the Securities and Exchange Board of India (Disclosure and investor Protection) Guidelines, 2000 relating to preferential allotment.

The Board approved the reschedulement of repayment of certain long term debts of the Company.

The Board decided to convene an Extraordinary General Meeting (EGM) of the Company May 12, 2009 for approval of issue of warrants convertible into equity shares to the promoter and / or promoter group on preferential basis.

The stock closed the day at Rs.20.17, up by Rs.2.82 or 16.25%. The stock hit an intraday high of Rs.20.80 and low of Rs.16.50.

The total traded quantity was 11556242 compared to 2 week average of 3741624.

Source : Equity Bulls

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