Unitech allots 5 crore Warrants

Unitech Ltd has announced that the Committee of Directors (CoD) of the Company at its meeting held on March 29, 2010, has allotted 5,00,00,000 (Five Crore) Equity Shares of Rs. 2/- each at a premium of Rs. 48.75 per share to Harsil Projects Pvt. Ltd, a promoter group Company, upon conversion of 5,00,00,000 (Five Crore) number of warrants into equivalent number of equity shares by way of preferential allotment. Further the promoters' shareholding in the Company after such allotment on conversion of Warrants has increased to 45% from 43.84%.

Pursuant to the Special Resolution passed by the Shareholders of the Company at its Extra ordinary General Meeting held on June 16, 2009 and in terms of Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines 2000, the Company had issued, on June 29, 2009, 22,75,00,000 warrants convertible into equal number of equity shares at the aforesaid price within a period of 18 months.

The allottee has exercised the conversion right with respect to 5,00,00,000 (Five Crore) Warrants upon payment of balance 75% of the issue price well before the said period of 18 months which falls due on December 28, 2010.

The stock closed the day at Rs.72.40, up by Rs.1 or 1.40%. The stock hit an intraday high of Rs.72.85 and low of Rs.70.80.

The total traded quantity was 3550964 compared to 2 week average of 4211892.

Source : Equity Bulls

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