Orbit Corporation to issue 40 lakh warrants to the promoters on a preferential basis

Orbit Corporation Ltd has announced that, pursuant to the approval of the shareholders at the Annual General Meeting held on September 14, 2009 and further approvals from regulatory authorities, the Directors of the Company vide circular resolution passed on November 16, 2009, have approved the allotment of 20,00,000 warrants, convertible into equity shares of Rs. 10 each at a premium of Rs. 179.75 per shares, on preferential basis, each to Mr. Ravi Kiran Aggarwal and Mr. Pujit Aggarwal, the Promoters of the Company, aggregating to 40,00,000 warrants.

The stock was trading at Rs.326, up by Rs.14.70 or 4.72%. The stock hit an intraday high of Rs.333.70 and low of Rs.307.

The total traded quantity was 917361 compared to 2 week average of 540206.

Source : Equity Bulls

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