Sterlite Technologies Converts Warrants into Equity Shares

Sterlite Technologies Ltd has announced that, pursuant to the Special Resolution passed by the Shareholders of the Company at its Extra Ordinary General Meeting held on April 29, 2009, the Company had issued convertible warrants to Twin Star Overseas Ltd, Mauritius, a promoter group Company.

Twin Star Overseas Ltd has exercised the conversion right with respect to the aforesaid warrants upon payment of balance 75% of the issue price.

The Allotment Committee of the Board of Directors of the Company in its meeting held on March 29, 2010 has allotted 3,22,50,000 fully paid up equity shares of Rs. 2 each to Twin Star Overseas Ltd, Mauritius upon conversion of warrants by way of preferential allotment.

1,61,25,000 fully paid up equity shares of Rs. 2 each at a premium of Rs. 24 per share consequent to sub-division of equity shares from Rs. 5 each to Rs. 2 each.

1,61,25,000 fully paid-up Bonus Equity Share of Rs.2/- in the ratio of one equity share of Rs. 2 each, for every one equity share of Rs. 2 each.

The Paid Up Capital of the Company after this allotment has increased to Rs. 71,10,37,020/- divided into 35,55,18,510 Equity Shares of Rs. 2 each from Rs. 64,65,37,020/- divided into 32,32,68,510 Equity Shares of Rs. 2 each.

The stock was trading at Rs.88.10, up by Rs.0.10 or 0.11%. The stock hit an intraday high of Rs.89.75 and low of Rs.87.25.

The total traded quantity was 207533 compared to 2 week average of 343889.

Source : Equity Bulls

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