Nu Tek India allots 15 lakh warrants

Nu Tek India Ltd has announced that the Board of Directors of the Company at its meeting held on December 10, 2009, has considered, allotted and issued 15,00,000 (fifteen lakhs) warrants at a cash price of Rs. 60/- per warrant, convertible into equity at future date, to Mr. Inder Sharma, promoter on preferential basis as the provisions of SEBI (ICDR) Regulations, 2009 on receipt of Rs. 2,25,00,000 (two crores twenty five lakhs) amounting to 25% of the total consideration.

The resignation tendered by Mr. Ashok Sinha, showing his personal inability to continue as V P Finance has been accepted by the Board. In absence of new appointment Mr. Tushar Kumar Varshney, Finance Controller will look after the responsibility of Mr. Ashok Sinha.

As a matter other than agenda item, the Board of Directors has discussed divestment of its holding in Turkish Subsidiary and decided to authorize Mr. Inder Sharma, Chairman and Managing Director to negotiate and finalize the deal as the Company does not foresee good business opportunities in Turkey. The Company presently holds 75% in the Turkish Subsidiary.

The stock was trading at Rs.86.75, up by Rs.1.05 or 1.23%. The stock hit an intraday high of Rs.86.75 and low of Rs.86.

The total traded quantity was 3398 compared to 2 week average of 33634.

Source : Equity Bulls

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