MIC Electronics receives approval for allotment of 1.05 crore warrants

MIC Electronics Ltd has announced that the Board of Directors of the Company at its meeting held on January 11, 2010, took note of the in-principle approval received from the Stock Exchange for issue and allotment of 1,05,00,000 warrants instead of 1,65,00,000 warrants, at Rs. 44.40/- (including premium) each approved by the members vide their meeting held on September 09, 2009; 60,00,000 warrants subscribed by two promoters viz. Ms. Maganti Chaitanya Deepti and Ms. Maganti Chaitanya Keerti were not allowed due to non-compliance of Lock-in requirements by them.

The Board to fill the gap has, inter alia, approved enabling resolutions authorising the Board of Directors of the Company to raise long-term resources by issuance, offer and allotment of and upto 60,00,000 warrants to Maganti Chaitanya Pavan (Promoter), at Rs. 45.75/- (including premium) each, on preferential basis and in accordance with Chapter VII of the SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009; each such warrant represents the right to exercise and be allotted one (1) equity share of Rs. 2/- each of the Company; Accordingly Company called for an Extra-ordinary General Meeting to be held on February 04, 2010, to obtain the approval for the same from the members.

The Stock was trading at Rs.52.40, down by Rs.0.60 or 1.13%. The stock hit an intraday high of Rs.53.80 and low of Rs.51.30.

The total traded quantity was 577879 compared to 2 week average of 1176056.

Source : Equity Bulls

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