Tilaknagar Industries to consider allotment of 41.7 lakh warrants

Tilaknagar Industries Ltd has announced that the Board of Directors of the Company at its meeting held on May 19, 2009, inter alia, has considered and approved the proposal for issue of 41,70,000 (Forty One Lacs Seventy Thousand Only) Convertible Warrants in one or more tranches to Mrs. Shivani Amit Dahanukar, the promoter of the Company on preferential allotment basis subject to the approval of the Shareholders in the ensuing Extra-Ordinary General Meeting.

The said warrants shall be convertible at the option of the Warrant holder into equivalent number of Equity Shares of Rs 10/- (Rupees Ten) each within a period not exceeding 18 (Eighteen) months from the date of allotment at an exercise price of Rs 92/- per share (including premium of Rs 82/-), being the price which is in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 as amended from time to time.

Further the Company has informed that, the Extraordinary General Meeting for obtaining the shareholders approval for the above mentioned issue of Warrants will be held on June 18, 2009.

The stock closed the day at Rs.116, up by Rs.16.15 or 16.17%. The stock hit an intraday high of Rs.117 and low of Rs.100.

The total traded quantity was 28735 compared to 2 week average of 7951.

Source : Equity Bulls

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