Adhunik Metaliks to convert warrants, debentures into shares

Adhunik Metaliks Ltd has announced that the Board of Directors of the Company at its meeting held May 28, 2009, has appointed Mr. Surendra Mohan Lakhotia as an Independent Additional Director of the Company w.e.f. May 28, 2009.

Further the Board also approved the proposal to convert and allot 81,54,000 nos. of fully / compulsorily convertible Debentures of Rs 122.64 p. issued to M/s. Clearwater Capital Partners (Cyprus) Ltd into 81,54,000 nos. of fully paid equity shares of face value of Rs 10/- each, ranking pari-passu with existing shareholders of the Company.

The Board also approved the proposal to convert and allot 61,20,567 fully paid zero coupon convertible warrants of Rs 118/- each into 61,20,567 fully paid equity shares of face value of Rs 10/- each to promoters, directors and their relatives in terms of the issue, ranking pari-passu with the existing shareholders of the Company.

The stock closed the day at Rs.70.90, down by Rs.0.90 or 1.25%. The stock hit an intraday high of Rs.73.70 and low of Rs.69.50.

The total traded quantity was 64907 compared to 2 week average of 174609.

Source : Equity Bulls

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