Raj Rayon to convert 899000 warrants

Raj Rayon Ltd has announced that the Committee of Directors of the Company met on September 29, 2009, considered the exercise of conversion option by RAJ MONEY MARKET LTD., the warrant holder in respect of conversion of 8,99,000 (Eight Lacs & Ninty Nine Thousand only) preferential warrants in to Equity Shares of the Company out of their total warrant holdings of 19,27,000 and allotted 8,99,000 Equity Shares to Raj Money Market Ltd. and decided that the aforesaid Equity Shares will be issued in dematerialized form and will be directly credited to their beneficiary Account.

The Committee also noted that these 8,99,000 Equity Shares of Rs. 10/- each of the Company will be locked-in for a period of 36 months or 3 years from the date of Allotment i.e., from September 29, 2009 to September 28, 2012 as per the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and the newly introduced SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 and the same be intimated to the Depository participant Stock Exchange(s).

It may be noted that with this conversion, the total warrants so far converted in to Equity Shares stands at 9,80,500 and the balance warrants remaining to be converted stands at 9,46,500 warrants.

Consequent to this allotment, the Equity Share Capital of the Company has increased from Rs. 17,09,92,000 to Rs. 17,99,82,000.

The stock was trading at Rs.11.10, up by Rs.0.45 or 4.23%. The stock hit an intraday high of Rs.11.15 and low of Rs.10.15.

The total traded quantity was 5449 compared to 2 week average of 5720.

Source : Equity Bulls

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