Emco to issue 63 lakh warrants

Emco Ltd has announced that the Board of Directors of the Company at its meeting held on May 27, 2009, inter alia, has considered and approved further issue of 63,00,000 warrants to a promoter (Mr. Rajesh S Jain). Each warrant has an option to apply for 1 equity share of Rs 2/- each.

The price (including premium) of 1 (one) equity share of Rs 2/- each to be allotted on exchange/surrender of the said warrant shall not be lower than the minimum price specified as per SEBI Guidelines for Preferential Issues (Chapter XIII of the SEBI (Disclosure and Investor Protection) Guidelines, 2000), considering 30 days prior to the date of the Extra Ordinary General Meeting as the Relevant Date, but not less than Rs 62/- (Rupees Sixty Two Only) per equity share of Rs 2/- each and calling of Extra-ordinary General Meeting on June 22, 2009, inter-alia to consider the said preferential allotment.

The stock closed the day at Rs.96.20, up by Rs.7 or 7.85%. The stock hit an intraday high of Rs.98.10 and low of Rs.89.75.

The total traded quantity was 655626 compared to 2 week average of 736041.

Source : Equity Bulls

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