Strides Arcolab allots 6200000 warrants

Strides Arcolab Ltd has announced that pursuant to the approval accorded by the Shareholders at their Extraordinary General Meeting held on May 13, 2009, in-principle approval received from stock exchanges and in accordance with Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000, the Board of Directors of the Company has allotted 6,200,000 warrants at a price of Rs 91.15 per warrant, on preferential basis to entity / persons who are part of the Promoter Group, entitling the warrant holder to apply for an equivalent number of fully paid-up equity share of Rs 10 each of the Company at any time during 18 months from the date of issue.

Netequity Ventures Pvt. Ltd were allotted 6,180,000 warrants, Mr. G Purushothaman Pillai was allotted 10,000 warrants and Mr. Mohana Kumar Pillai was allotted 10,000 warrants.

The stock closed the day at Rs.134, up by Rs.2.35 or 1.79%. The stock hit an intraday high of Rs.138 and low of Rs.132.55.

The total traded quantity was 52853 compared to 2 week average of 132659.

Source : Equity Bulls

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