Pioneer Distilleries allots 12 lakh Equity Shares against conversion of warrants

Pioneer Distilleries Ltd has announced that the Board of Directors of the Company at its Meeting held on December 10, 2009 has approved the Allotment of 12,00,000 Equity Shares of face value of Rs. 10/- each at a premium of Rs. 26.10/- per share, aggregating to Rs. 4,33,20,000/- fully paid up, as per the SEBI guidelines to the Promoters of the Company against conversion of warrants issued on Preferential Basis on July 30, 2009 for which the Company has received in-principle approval.

The allottees include Sri K. V. Rajeshwar Rao - 2,00,000 shares, Sri K. Sudhir Rao - 4,00,000 shares, Sri K. Suhan Rao - 4,00,000 shares and Sri L. Venkateswara Rao - 2,00,000 shares.

Consequent to the allotment of Equity Shares as aforesaid, the paid-up capital of die Company stands increased from the present Rs. 11,78,82,000/- divided into 1,17,88,200 Equity Shares of Rs. 10/- each to Rs. 12,98,82,000/- divided into 1,29,88,200 Equity Shares of Rs. 10/- each.

The stock closed the day at Rs.47.50, down by Rs.0.50 or 1.04%. The stock hit an intraday high of Rs.50.40 and low of Rs.46.15.

The total traded quantity was 11857 compared to 2 week average of 10055.

Source : Equity Bulls

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