Prakash Industries to issue 1 crore warrants

Prakash Industries Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2009, inter alia, has approved the issue of upto 1,00,00,000 warrants convertible in to equity shares on preferential basis.

The Board approved the proposal to appoint Shri Vikram Agarwal as Joint Managing Director, Shri Piyoosh Goyal as Director and Shri D Singh as Whole-time Director of the Company.

The Board is seeking the approval of the members of the Company for the aforesaid matters the Board has also fixed date of an Extra Ordinary General Meeting on June 22, 2009.

The stock was trading at Rs.112.20, up by Rs.5.55 or 5.20%. The stock hit an intraday high of Rs.113.85 and low of Rs.107.05.

The total traded quantity was 159009 compared to 2 week average of 272658.

Source : Equity Bulls

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