Mysore Petro to issue 10 lakh warrants

Mysore Petro Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on May 22, 2009, has considered and approved the issue of 10,00,000 warrants to M/s. Pentafour Commercial Pvt Ltd (7,00,000 warrants and Vindhyachal Mercantile Pvt Ltd (3,00,000 warrants) at a price of Rs 26/- per warrant to be converted into one equity share within a period of 18 months from the date of allotment, subject to approval by the shareholders at the ensuing Annual General Meeting.

The Board appointed Shri. Srikant Somani as an Additional Independent Director of the Company.

The Board also appointed M/s. Hariharan & Co., Chartered Accountant, Bangalore as the Statutory Auditors for the year 2009-2010 subject to approval by shareholders at the ensuing Annual General Meeting.

The stock was trading at Rs.35.10, up by Rs.1.50 or 4.46%. The stock hit an intraday high of Rs.35.25 and low of Rs.35.

The total traded quantity was 2556 compared to 2 week average of 8710.

Source : Equity Bulls

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