Shree Ram Mills approves allotment of 45 lakh warrants to promoters

Shree Ram Mills Ltd has announced that the Board of Directors of the Company at its meeting held on December 16, 2009, pursuant to the approval received from shareholders on November 06, 2009, has approved the allotment of 45,00,000 warrants Convertible into Equity Shares of Rs. 10/- each at a premium of Rs. 130/- to Promoters on Preferential Basis. The Board will consider the allotment of 64,52,000 Warrants to Foreign Investors approved as above on the receipt of due approvals from the Foreign Investment Promotion Board.

Further, the Board has also approved issue of further 16 million warrants convertible into Equity Shares of Rs. 10 each to be priced as per applicable SEBI (ICDR) Regulations, 2009 to be allotted on preferential basis to Promoters, relatives and associates, and others subject to Shareholders and other required approvals.

The stock was trading at Rs.136.30, up by Rs.6.25 or 4.81%. The stock hit an intraday high of Rs.145 and low of Rs.131.20.

The total traded quantity was 14808 compared to 2 week average of 43099.

Source : Equity Bulls

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