Varun Industries to issue 70 lakh warrants to promoters

Varun Industries Ltd has announced that the Board of Directors of the Company at its meeting held on July 05, 2009, inter alia, has decided the issue of 70,00,000 Warrants convertible into equal number of equity shares of Rs 10/- each at a price of Rs 43.20 each in compliance with Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 and Companies Act 1956 on preferential basis to the Promoters.

Shri. Kiran N Mehta will be allotted 41,40,803 warrants and Shri. Kailash S Agarwal will be allotted 28,59,197 warrants.

A draft of a notice convening an Extra Ordinary General Meeting of the members to be held on August 05, 2009 was approved.

The stock was trading at Rs.48.55, up by Rs.2.25 or 4.86%. The stock hit an intraday high of Rs.48.55 and low of Rs.47.

The total traded quantity was 27331 compared to 2 week average of 85675.

Source : Equity Bulls

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