Shriram Transport Finance Company allots 80 lakh shares

Shriram Transport Finance Company Ltd has announced that the Shriram Holdings (Madras) Pvt. Ltd. (SHMPL) was allotted 80,00,000 warrants, each convertible into one-equity shares of Rs 10/- each by way of preferential allotment at warrant price of Rs 300/- per warrant. At the time of allotment, a sum of Rs 30/- per warrant was paid by the allottee as the subscription amount for the warrants, which is to be adjusted against the warrant exercise price at the time of exercise of their option for conversion, SHMPL has since opted for conversion of these warrants and has paid the exercise price of Rs 270/- per warrant on these 80,00,000 warrants.

At the meeting of the Allotment Committee of Board of Directors held on June 12, 2009, as per the terms of issue of the said warrants, the Company has converted 80,00,000 warrants held by SHMPL into 80,00,000 equity shares of Rs 10/- each and allotted these shares to SHMPL. These shares shall rank pari passu with existing equity shares of the Company.

The stock closed the day at Rs.296, up by Rs.7.55 or 2.62%. The stock hit an intraday high of Rs.301 and low of Rs.288.

The total traded quantity was 22189 compared to 2 week average of 150428.

Source : Equity Bulls

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