Kamadgiri Synthetics to issue 3.25 lakh warrants at Rs 32

Kamadgiri Synthetics Ltd has announced that the Board of Directors of the Company at its meeting held on June 12, 2009, inter alia, has decided the issue of Warrants on Preferential basis to 3,25,000 Equity shares at a price of Rs 32/- per share aggregating to Rs 1,04,00,000 to the Tritoma Hotels Pvt. Ltd with an option to the Warrant holders to acquire same number of equity shares within a period of 18 months pursuant to Chapter XIII of Securities & Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 relating to Preferential Issues; The relevant date for the pricing of the aforesaid issue is June 09, 2009.

The Board authorized convening of an Extraordinary General Meeting of the Company on July 09, 2009 for obtaining shareholders approval for the Preferential Issue of warrants to the investors.

The Board also noted sanctioned of scheme of Amalgamation of the Stripes Apparels Ltd with the Company and respective shareholders of both the Companies, by the Hon'ble High Court, Bombay, on June 12, 2009.

The stock was trading at Rs.30.05, up by Rs.1.40 or 4.89%. The stock hit an intraday high of Rs.30.05 and low of Rs.28.

The total traded quantity was 5153 compared to 2 week average of 4584.

Source : Equity Bulls

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