Era Infra Engineering approves allotment of 3.5 crore warrants

Era Infra Engineering Ltd has announced that the Board of Directors of the Company at its meeting held on May 08, 2009, inter alia, has decided to issue and allot, subject to the approval of shareholders, on a preferential basis, of 3,50,00,000 Convertible Warrants carrying a right to subscribe to equal number of Equity Shares of Rs 2/- each in the Company on conversion within a period of 18 months from the date of allotment for cash to the Promoter Group and Non Promoter Group.

The Board approved the decision to conduct a Postal Ballot for the purpose of seeking the approval of shareholders, inter alia, for the issue of Convertible Warrants as above on preferential basis and to pass resolution under section 293(1)(a) of the Companies Act, 1956.

The stock closed on May 8, 2009 at Rs.77.85, down by Rs.0.60 or 0.76%. The stock hit an intraday high of Rs.79.70 and low of Rs.76.

The total traded quantity was 101380 compared to 2 week average of 204863.

Source : Equity Bulls

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