Mahindra & Mahindra to subscribe 7299270 warrants in Mahindra Forgings

Mahindra & Mahindra Ltd has announced that the Board of Directors of the Company at its meeting held on January 25, 2010, has agreed to subscribe not exceeding 72,99,270 Warrants ("Warrants"), on a preferential basis, to be issued by Mahindra Forgings Ltd., a Subsidiary of the Company wherein each Warrant would entitle the Company to apply for and be allotted one Equity Share of MFL of the face value Rs. 10 each, at a price of Rs. 137 per share.

The proposed issue of Warrants by MFL is in accordance with Section 81(1A) of the Companies Act, 1956 and the Regulations prescribed under Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Stock closed the day at Rs.1072.35, down by Rs.59.25 or 5.24%. The stock hit an intraday high of Rs.1154 and low of Rs.1057.05.

The total traded quantity was 430105 compared to 2 week average of 126027.

Source : Equity Bulls

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