Network to allot 1114000 shares on Oct 05, 2009

Network Ltd has announced that a meeting of allotment committee of the Board of Directors of the Company is scheduled to meet on October 05, 2009 to consider the allotment of 11,14,000 equity shares of Rs. 10/- each at premium of Rs. 40/- each to San Share Shoppe Pvt. Ltd., in lieu of 5,57,000 optionally Convertible Preference Shares (OCPS) of Rs. 100/- each. In respect of which, the Company has received intimation from San Share Shoppe Pvt. Ltd. about to exercise the option to get 5,57,000 OCPS converted into equity shares.

The stock was trading at Rs.18.65, up by Rs.0.88 or 4.95%. The stock hit an intraday high of Rs.18.65 and low of Rs.18.65.

The total traded quantity was 4572 compared to 2 week average of 13680.

Source : Equity Bulls

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