First Winner reconsiders warrants issue

First Winner Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 14, 2009, has reconsidered the proposal of the issue of 63,00,000 warrants and of the issue of 10% non cumulative redeemable preference shares of the face value of Rs. 10/- each for an amount not exceeding Rs. 20,00,00,000/- (Rupees Twenty Crores only) and simultaneously the increase of share capital of the Company. In view of the recent developments in market conditions and availability of the Company's sources for funding the proposed business plan to issue the warrants and preference shares at this condition is not beneficial to the interest of the shareholders of the Company.

The stock closed the day at Rs.20, up by Rs.0.20 or 1.01%. The stock hit an intraday high of Rs.20.75 and low of Rs.19.70.

The total traded quantity was 4433 compared to 2 week average of 12059.

Source : Equity Bulls

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