Aditya Birla Nuvo EGM approves 1.85 crore warrants issue

Aditya Birla Nuvo Ltd has announced that the Shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on June 17, 2009, have approved, with requisite majority, issue of 1,85,00,000 Warrants of Rs 10 each to Promoter and / or Promoter Group, pursuant to the provisions of Chapter XIII of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

Further note that the holders of each warrant will be entitled to apply for and obtain allotment of 1 Equity Share at a price of Rs 541.19 (Face Value of Rs 10/- at a premium of Rs 531.19/- per Share) against each Warrant at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment in one or more tranches.

The stock was trading at Rs.994.95, up by Rs.45.60 or 4.80%. The stock hit an intraday high of Rs.1009.65 and low of Rs.944.45.

The total traded quantity was 30162 compared to 2 week average of 47142.

Source : Equity Bulls

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