Riga Sugar to issue 805000 warrants

Riga Sugar Company Ltd has announced that the Board of Directors of the Company at its meeting held on August 13, 2009 has decided to issue upto 8,05,000 convertible equity share warrants of Rs 10/- each at price of Rs 37.25 to be converted at the option of the warrant holder within 18 months from the date of allotment into 1 fully paid up equity share of the Company of face value of Rs 10/- each for cash at an exercise price of Rs 37.25 (including premium of Rs 27.25) for each warrant to the promoters (upto 4,45,000 warrants) and to other (3,60,000 warrants) subject to approval of the shareholders and in accordance with SEBI (DIP) Guideless.

Further the Company has informed that, the Board also convened Extra Ordinary General Meeting of the Members of the Company to approve aforesaid matter on September 09, 2009.

The stock was trading at Rs.59.90, up by Rs.1.50 or 2.57%. The stock hit an intraday high of Rs.61.70 and low of Rs.58.15.

The total traded quantity was 237416 compared to 2 week average of 109104.

Source : Equity Bulls

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