Mahindra Forgings allots 7299270 warrants

Mahindra Forgings Ltd has announced that in furtherance to the approval of the Members at the Extra-Ordinary General Meeting held on February 18, 2010, the Company has informed that the Committee of the Board of Directors of the Company at its meeting held on March 03, 2010 has allotted 72,99,270 warrants on a preferential basis at a price of Rs. 137/- per warrant, to Mahindra & Mahindra Ltd, the Promoter of the Company, wherein each warrant entitles the holder to apply for and be allotted one equity share of the Company of face value of Rs.10/- each in one or more tranches, at any time after the date of allotment of warrants but on or before the expiry of 18 months from the date of allotment of warrants.

The above issue of warrants on a preferential basis is in accordance with Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The stock was trading at Rs.123, up by Rs.11.10 or 9.92%. The stock hit an intraday high of Rs.130 and low of Rs.111.25.

The total traded quantity was 703788 compared to 2 week average of 63235.

Source : Equity Bulls

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