Man Industries approves conversion of 250000 warrants

Man Industries (India) Ltd has announced that at the meeting of the Board of Directors of the Company held on March 31, 2010, the Board has considered and approved the allotment of 2,50,000 (Two Lacs Fifty Thousand) Equity Shares of Rs. 5/- each at a premium of Rs. 30/- per share to Mr. Jagdishchandra Mansukhani, a promoter, upon conversion of 2,50,000 (Two Lacs Fifty Thousand) number of warrants into equivalent number of equity shares by way of preferential allotment.

Pursuant to the Special Resolution passed by the Shareholders of the Company at its Extra ordinary General Meeting held on June 19, 2009 and in terms of Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines 2000, the Company had on September 04, 2009, issued 25,00,000 warrants convertible into equal number of equity shares at the aforesaid price within a period of 18 months.

The allotee has exercised the conversion right with respect to 2,50,000 (Two Lacs Fifty Thousand) Warrants upon payment of balance 75% of the issue price well before the said period of 18 months.

The stock closed the day at Rs.77.10, up by Rs.0.60 or 0.78%. The stock hit an intraday high of Rs.77.60 and low of Rs.75.55.

The total traded quantity was 191661 compared to 2 week average of 158680.

Source : Equity Bulls

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