Ambica Agarbathies approves allotment 28 lakh shares

Ambica Agarbathies & Aroma Industries Ltd has announced that the Board of Directors of the Company at its meeting held on December 21, 2009, inter alia, has decided to convert 28 lakh Convertible Share Warrants into Equivalent Number of Equity shares on receipt of the full consideration from the allottees.

M/s Trinethra Infra Ventures Ltd will be allotted 1900000 Equity Share and the amount received is Rs. 34,20,000/- (10% towards allotment of share warrants). The amount to be received is Rs. 3,07,80,000 (90% for conversion of share warrants).

Mr. Puvvada Bhaskar Rao will be allotted 900000 Equity Shares and the amount received is Rs. 16,20,000/- (10% towards allotment of share warrants). The amount to be received is Rs. 1,45,80,000/-(90% for conversion of share warrants).

The stock was trading at Rs.11.41, down by Rs.0.16 or 1.38%. The stock hit an intraday high of Rs.12 and low of Rs.11.01.

The total traded quantity was 11426 compared to 2 week average of 27778.

Source : Equity Bulls

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