Aditya Birla Nuvo to issue 1.85 crore warrants

Aditya Birla Nuvo Ltd has announced that the Board of Directors of the Company at its meeting held on May 18, 2009, inter alia, has decided to issue 1,85,00,000 Warrants of face value of Rs 10 each to Promoter / Promoter Group on preferential allotment basis, entitling the holder of Warrant to apply for and obtain allotment of one Equity Share against each Warrant for an aggregate amount of Rs 1,000 Crores(approx) in accordance with the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of the Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 (SEBI (DIP) Guidelines).

To Convene an Extra Ordinary General Meeting for the approval of aforesaid Preferential Issue / allotment on June 17, 2009.

The stock was trading at Rs.650, up by Rs.100.05 or 18.19%. The stock hit an intraday high of Rs.675 and low of Rs.605.10.

The total traded quantity was 1500 compared to 2 week average of 72407.

Source : Equity Bulls

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