Supreme Infrastructure to issue 20 lakh warrants

Supreme Infrastructure India Ltd has announced that the Board of Directors of the Company at its meeting held on May 26, 2009 and adjourned and concluded on May 27, 2009, inter alia, has decided / approved the proposal to raise funds, subject to the approval of the shareholders though Postal ballot.

To increase authorized share capital from Rs 15,00,00,000 to Rs 20,00,00,000 by creation of 30,00,000 (Thirtee Lacs) Equity Shares of Rs 10 (Rupees Ten Only) each and 20,00,000 (Twenty Lacs) Preference shares of Rs 10 each.

To alter Articles of Association to give effect of enhancement of share capital and issue of convertible warrants.

The Board accorded its consent to issue 20,00,000 convertible warrants on preferential basis of Rs 10/- each at a price shall not be less than price as determined under the Guidelines for Preferential Issues contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 to the Promoter, Promoter Group and other domestic / foreign investors and / or bodies corporate.

A director of the Company or Company Secretary for conducting a postal ballot process as per section 192 (A) of the Companies Act, 1956 and Rules issued there under, for obtaining consent of members of the company's for item no. 1,2,3 above.

The stock closed the day at Rs.62.60, up by Rs.2.95 or 4.95%. The stock hit an intraday high of Rs.62.60 and low of Rs.61.

The total traded quantity was 8579 compared to 2 week average of 20754.

Source : Equity Bulls

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