Adf Foods to allot 2326110 warrants

Adf Foods Ltd has announced that the Board of Directors of the Company at its meeting held on May 15, 2009, inter alia, have decided to issue and allot 23,26,110 convertible warrants to some of its Directors, their relatives and friends on preferential basis, at a price arrived at with respect to the relevant date i.e. May 18, 2009 as per SEBI Guidelines, subject to the approval of the shareholders in the Annual General Meeting to be held on June 17, 2009. The Proposed issue is to augment funding requirements for capital expenditure for new projects, expansions, and potential acquisitions. The aforesaid proposed issue of warrants shall be in accordance with the SEBI Guidelines for Preferential Issues.

The stock closed on May 15, 2009 at Rs.32.75, up by Rs.1.65 or 5.31%. The stock hit an intraday high of Rs.33.40 and low of Rs.31.

The total traded quantity was 8639 compared to 2 week average of 2480.

Source : Equity Bulls

Keywords