SEL Manufacturing allots 1891000 shares at Rs 185

SEL Manufacturing Company Ltd has announced that the Board of Directors of the Company at its meeting held on, inter alia, have (upon exercise of conversion option to convert convertible Warrants into Equity Shares of the company by two of the allottees of Equity Warrants, namely Mr. Dhiraj Saluja and Mrs. Reema Saluja, by paying 90% balance money) has passed the resolution, pursuant to approval received of the Shareholders at their meeting held on February 27, 2008, that 18,91,000 Equity Shares of Rs 10/- each of the Company be allotted, on such conversion of warrants, at a price (including premium), of Rs 185.00 per share.

Mr. Dhiraj Saluja was allotted 950000 Shares on conversion of warrants under the Category - Promoter.

Mrs. Reema Saluja was allotted 941000 Shares on conversion of warrants under the Category - Promoter.

Consequent upon the conversion of 18,91,000 Equity Warrants into Equity Shares of the above said allottees, the total issued and paid up capital of the Company stands increased to Rs 19,05,70,000 divided into 1,90,57,000 Equity shares of Rs 10/- each.

The new 18,91,000 Equity Shares of Rs.1O/- each allotted to the aforesaid allottees are under Lock-in period in compliance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 as amended.

The stock closed the day at Rs.74.55, down by Rs.1.95 or 2.55%. The stock hit an intraday high of Rs.78 and low of Rs.74.

The total traded quantity was 337159 compared to 2 week average of 279569.

Source : Equity Bulls

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