Mahindra & Mahindra allots 10 lakh Shares

Mahindra & Mahindra Ltd has announced that the Company has pursuant to the approval of the Remuneration / Compensation Committee and the Board of Directors of the Company, on November 12, 2009, allotted 10,00,000 Ordinary (Equity) Shares of Rs. 10 each to the Trustees of Mahindra & Mahindra Employees' Stock Option Trust at a premium of Rs. 714 per Share, making in the aggregate a total price of Rs. 724 per Share, under the Mahindra & Mahindra Limited Employees Stock Option Scheme of the Company.

This is in line with the approval of the Shareholders at the 54th Annual General Meeting held on July 31, 2000 and the 58th Annual General Meeting held on July 28, 2004 respectively.

The aforesaid 10,00,000 Ordinary (Equity) Shares rank pari passu in all respects with the existing Ordinary (Equity) Shares of the Company.

The stock closed the day at Rs.1036.40, up by Rs.4.20 or 0.41%. The stock hit an intraday high of Rs.1053 and low of Rs.1017.

The total traded quantity was 171778 compared to 2 week average of 329561.

Source : Equity Bulls

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