Banswara Syntex to issue 16.50 lakh warrants at Rs 41

Banswara Syntex Ltd has announced that the Board of Directors of the Company at its meeting held on July 18, 2009, inter alia, has decided the issue of 16,50,000 Warrants at a price of Rs 41.00 per warrant (equity share) of face value of Rs 10/- each at a premium of Rs 31.00 per warrant (equity share) to persons other than promoters on preferential allotment basis, entitling the holder of Warrant to apply for and obtain allotment of one Equity Share against each Warrant for an aggregate amount of Rs 6,76,50,000, in accordance with the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of the Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000.

The Board will convene an Annual General Meeting for the approval of aforesaid Preferential Issue / allotment on August 17, 2009.

The Board approved revised Director Report to the shareholders.

The stock was trading at Rs 42.95, up by Rs 2 or 4.88%. The stock hit an intraday high of Rs 42.95 and low of Rs 41.75.

The total traded quantity was 11343 as compared to 2 week average of 9316.

Source : Equity Bulls

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