Valuemart Info to consider issue of shares, warrants on February 5, 2010

Valuemart Info Technologies Ltd has announced that a meeting of Board of Directors of the Company will be held on February 05, 2010, inter alia, to consider and approve issue and allotment of Equity Shares / Warrants.

The Board will consider issue of 2,00,00,000 (Two Crores Only) Equity Shares at a price of Rs. 2.25 per share [comprising nominal value of Rs. 2/- per share and premium of Rs. 0.25 per share) on preferential basis to the Promoters / Promoters Group and Strategic Investors.

The Board will also consider issue of 1,00,00,000 (One Crore Only) Equity Warrants, each warrant convertible to one equity share of Rs. 2/- at a date not later than eighteen months from the date of issue and allotment of the warrants at a price to be determined on a date 30 days prior to the date on which the holder of the warrants is entitled to exercise the option for conversion into Equity shares and the issue price being not less than the price as arrived at in accordance with the terms of Chapter XIII of SEBI (Disclosure and Investor Protection), Guidelines, 2000] either for cash or for advance amount received if any, as may be deemed most appropriate by the Board, on Preferential basis to the Promoters.

The stock was trading at Rs.2.72, down by Rs.0.09 or 3.20%. The stock hit an intraday high of Rs.2.89 and low of Rs.2.66.

The total traded quantity was 15275 compared to 2 week average of 37471.

Source : Equity Bulls

Keywords