Monnet Ispat to issue 90 lakh warrants

Monnet Ispat Ltd has announced that the Board of Directors of the Company at its meeting held on May 19, 2009, has passed a resolution authorizing the issue of warrants, subject to the approval of the Members at an Extra-ordinary General Meeting scheduled to be held on June 17, 2009.

The Board approved issue of upto 9,000,000 warrants to the promoters of the Company with the right to apply, upon conversion, for an aggregate of 9,000,000 equity shares of Rs 10/- each after adjusting the amount paid-up in respect of each warrant. The pricing of warrants and consequent shares arising out of warrants shall be calculated as per SEBI Guidelines of Preferential Issues (Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000) and exercisable within a period of 18 months from the date of issue.

The Board approved proposal to convene an Extra-ordinary General Meeting of the Shareholders of the Company on June 17, 2009 for getting necessary approvals under the provisions of the Companies Act, 1956 and/or SEBI Regulations/Guidelines.

The stock was trading at Rs.229, up by Rs.14.55 or 6.78%. The stock hit an intraday high of Rs.238.80 and low of Rs.216.90.

The total traded quantity was 96411 compared to 2 week average of 91595.

Source : Equity Bulls

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