Mahindra Forgings allots 30 lakh equity shares

Mahindra Forgings Ltd has announced that pursuant to the exercise of conversion option by Mahindra & Mahindra Ltd., Promoters of the Company, for conversion of 30,00,000 Warrants into corresponding Equity Shares accompanied by necessary consideration, the Committee of the Board of Directors of the Company at its meeting held on March 04, 2010 has allotted 30,00,000 Equity Shares of face value Rs. 10 each to Mahindra and Mahindra Ltd., at a price of Rs. 137 per share.

The stock closed the day at Rs.122.20, up by Rs.10.30 or 9.20%. The stock hit an intraday high of Rs.130 and low of Rs.111.25.

The total traded quantity was 811057 compared to 2 week average of 142465.

Source : Equity Bulls

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