Helios & Matheson allots 800000 Equity shares against conversion of warrants

Helios and Matheson Information Technology Ltd has announced that the Allotment Committee of the Board of Directors, at its meeting held on March 30, 2010 has issued and allotted 8,00,000 equity shares of Rs. 10 each fully paid up at a premium of Rs. 54.96 per share to the allottees mentioned below. These shares have been allotted against conversion of equivalent number of convertible warrants allotted on September 30, 2008 and are eligible for conversion pursuant to the approval granted by the shareholders through postal ballot on September 15, 2008.

The allottees include V Ramchandiran - 400000 shares and G K Muralikrishna - 400000 shares.

Consequent to the allotment of 8,00,000 equity shares, as aforesaid, the issued equity share capital of the Company shall stand increased to Rs. 23,91,64,290 divided into 2,39,16,429 equity shares of Rs. 10/- each and the subscribed and paid up equity share capital to Rs. 23,91,23,290 divided into 2,39,12,329 Equity shares of Rs. 10 each.

In view of the partial exercise of options by the warrant holders as above, a sum of Rs. 3,18,30,400 being the receipts at 10% on the exercise price of Rs 64.96 per warrant for 49,00,000 warrants is forfeited and transferred to Capital Reserves.

The stock closed the day at Rs.45.05, up by Rs.0.75 or 1.69%. The stock hit an intraday high of Rs.45.50 and low of Rs.44.10.

The total traded quantity was 19495 compared to 2 week average of 54911.

Source : Equity Bulls

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