Gammon India allots 7750000 Shares against Convertible Warrants

Gammon India Ltd has announced that the Equity Warrants Committee of the Company in its meeting held on March 30, 2010, has Issued and allotted 77,50,000 Equity Shares of Rs 2/- each at a premium of Rs 88.20/- per Equity Share. These shares have been allotted against conversion or equivalent number of Equity share Warrants allotted on July 09, 2009 and are eligible for conversion pursuant to the approval granted by the Shareholders at the Extra Ordinary General Meeting held on June 17, 2009.

The allottees include Pacific Energy Pvt Ltd - 12,50,000 shares and First Asian Capital Resources Pvt Ltd - 65,00,000 shares.

Consequent upon the allotment of 77,50,000 Equity Shares as aforesaid, the Issued Share Capital of the Company shall stand increased to Rs. 258,038,476/- (Rupees Twenty Five Crores Eighty Lacs Thirty Eight Thousand Four Hundred and Seventy Six only) divided into 129,019,238 Equity shares of Rs. 2/- each and the Subscribed and Paid up share Capital of the Company shall stand increased to Rs 254,877,396/- (Rupees Twenty Five Crores Forty Eight Lacs Seventy Seven Thousand Three Hundred and Ninety Six only) divided into 127,438,698 Equity shares of Rs 2/- each.

The stock was trading at Rs.231.45, down by Rs.2.60 or 1.11%. The stock hit an intraday high of Rs.235.10 and low of Rs.228.55.

The total traded quantity was 28518 compared to 2 week average of 63447.

Source : Equity Bulls

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