Ontrack Systems to allot shares

Ontrack Systems Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2009, inter alia, has considered and approved the allotment of 11,91,705 equity shares to M/s. Kant & Co. Ltd, on preferential basis subject to regulatory and members approval.

The Board has considered and approved the conversion of Unsecured Loan received from Mr. B Hari into equity shares subject to legal compliances.

The Board has deferred the decision of considering the allotment of 2,70,000 equity shares to IQ Technologies LLC, USA along with it's subsidiary FAST Pvt. Ltd on preferential basis.

The stock was trading at Rs.7.71, up by Rs.0.36 or 4.90%. The stock hit an intraday high of Rs.7.71 and low of Rs.7.

The total traded quantity was 1255 compared to 2 week average of 1613.

Source : Equity Bulls

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