Orbit Corporation allots 7840426 shares at Rs 185

Orbit Corporation Ltd has announced that the duly authorised Committee of Directors ("QIP Committee") at its meeting held on August 20, 2009 has allotted 7,840,426 equity shares of Rs 10 each at a price of Rs 185.00 per share including the premium of Rs 175.00 per share to 7 QIB's by way of Qualified Institutional Placement under Chapter XIII A of the SEBI QIP Guidelines.

The stock was trading at Rs.170.15, up by Rs.2.25 or 1.34%. The stock hit an intraday high of Rs.172.50 and low of Rs.166.

The total traded quantity was 342672 compared to 2 week average of 518808.

Source : Equity Bulls

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