Pioneer Distilleries approves allotment of 16 lakh warrants

Pioneer Distilleries Ltd has announced that the Board of Directors of the Company at its meeting held on July 30, 2009, inter alia, has approved the allotment of 16,00,000 warrants, each warrant convertible into one equity share of face value of Rs 10/- each, to Promoters and Non-promoters of the Company at a price of Rs 36.10 per share, pursuant to Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

The Board decided to keep pending the decision taken at the Board meeting held on June 27, 2009 - i.e., to take the approval of the shareholders for reappointment of Sri. K Sudhir Rao, Vice-chairman and Sri. K Suhan Rao, Managing Director of the Company, at an appropriate time and not it the forthcoming Annual General Meeting, since the tenure of the office of Sri. K Sudhir Rao, Vice-chairman and Sri. K Suhan Rao, Managing Director expires on February 28, 2010.

The stock closed the day at Rs.37.15, up by Rs.0.95 or 2.62%. The stock hit an intraday high of Rs.37.15 and low of Rs.36.15.

The total traded quantity was 3819 compared to 2 week average of 16127.

Source : Equity Bulls

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