CNI Research allots 18 lakh shares on conversion of warrants

CNI Research Ltd has announced that the Board of Directors of the Company at its meeting held on November 30, 2009, has considered the proposal for conversion of 18 lacs warrants into 18 lacs equity shares of Rs. 1/- each out of total 25 lacs share warrants issued to Neil Information Technology Ltd. for which balance consideration of Rs. 2.16 crores has received.

The said share warrants were allotted on preferential basis by way of passing a special resolution in Extra Ordinary General Meeting (EGM) convened on May 03, 2008.

Accordingly the Board has made allotment of 18 lacs equity shares of Rs. 1/ each to Neil Information Technology Ltd.

Further the Company has informed that, the said warrant holder has reserved its right to apply for conversion of remaining 7 lacs share warrants before its maturity.

The stock closed the day at Rs.31.85, up by Rs.0.35 or 1.11%. The stock hit an intraday high of Rs.33 and low of Rs.31.45.

The total traded quantity was 139475 compared to 2 week average of 107541.

Source : Equity Bulls

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