West Coast allots 2373578 equity shares

West Coast Paper Mills Ltd has announced that the Board of Directors of the Company at its meeting held on June 29, 2009, has allotted 23,73,578 equity shares of the face value of Rs 2/- each to the persons / entities in the Promoter Group (SK Bangur Group) on preferential allotment basis, at Rs 48.45 per share, including premium of Rs 46.45 per share arrived at with respect to the relevant date i.e. May 27, 2009 as per SEBI Guidelines, which has been approved by the shareholders in the Extra-ordinary General Meeting held on June 26, 2009.

The stock was trading at Rs.53.70, down by Rs.1.05 or 1.92%. The stock hit an intraday high of Rs.55.90 and low of Rs.52.60.

The total traded quantity was 37428 compared to 2 week average of 26122.

Source : Equity Bulls

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