Amtek Auto to cancel warrants, re-issue 1.5 crore warrants

Amtek Auto Ltd has announced that the Board of Directors of the Company at its meeting held on May 25, 2009, inter alia, has approved the proposal to make a preferential issue of upto 1,50,00,000 warrants convertible into equivalent number of fully paid equity shares, to promoter group Companies, subject to necessary permissions, sanctions, approvals and applicable SEBI Guidelines and other provisions of laws.

The Board approved the proposal to cancel the outstanding 1,50,00,000 warrants of the Company and forfeit the amount paid thereon.

An Extra Ordinary General Meeting of the Company will be held to seek approval of the shareholders for the issue of above said securities.

The stock was trading at Rs.148, up by Rs.1.25 or 0.85%. The stock hit an intraday high of Rs.155 and low of Rs.143.

The total traded quantity was 35592 compared to 2 week average of 113433.

Source : Equity Bulls

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