Allied Digital Services allots 2 lakh warrants on Preferential basis

Allied Digital Services Ltd has now announced with reference to earlier announcement dated January 06, 2010, that the Allotment of 2,00,000 (Two Lacs) Warrants convertible into Equity Shares of Rs. 5/- each to Bennett, Coleman and Company Limited ("BCCL") on Preferential Allotment basis has been allotted at Rs. 377/- per warrant with conditions.

The conditions are, if at the time of conversion, the price determined in accordance with SEBI (ICDR) is less than Rs. 377/- then the warrant will be converted at such lower price.

But in any case such lower price shall not be below Rs. 277/- per warrant.

Further the Company has informed that a Special Resolution for issuing 1,00,000 warrants convertible into 1,00,000 equity shares of Rs 10/- each to BCCL was approved by the Shareholders in its Annual General Meeting held on September 23, 2009. Consequently, due to Sub-division of Shares in the ratio of 1:2, 2,00,000 warrants convertible into 2,00,000 equity shares of Rs. 5/- each has been allotted to BCCL.

The stock closed the day at Rs.230.10, down by Rs.1.60 or 0.69%. The stock hit an intraday high of Rs.237 and low of Rs.229.

The total traded quantity was 17781 compared to 2 week average of 47945.

Source : Equity Bulls

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