Rico Auto allots 3270000 shares

Rico Auto Industries Ltd has announced that the Share Transfer Committee of the Board of Directors of the Company at its meeting held on March 31, 2010 has allotted 32,70,000 Equity Shares of Re. 1/- each at a premium of Rs. 16.50 per share to M/s. Kapsons Associates Investments Pvt. Ltd. against the equal number of convertible warrants as first tranche out of 97,00,000 warrants issued to them on July 11, 2009.

The allottee has paid balance 75 per cent of the issue price of Rs. 17.50. The Promoter shareholding in the Company after such allotment on conversion of warrants has increased to 47.61 per cent from 46.25 per cent.

The aforesaid allotment is made to them, in terms of the conditions of allotment to them of 97,00,000 warrants on July 11, 2009 as approved by the shareholders of the Company in their Extra-ordinary General meeting held on June 27, 2009 keeping in view the SEBI (Disclosure & Investors Protection) Guidelines, 2000 issued by Securities and Exchange Board of India (SEBI) & stock exchanges.

The stock closed the day at Rs.23.90, down by Rs.0.60 or 2.45%. The stock hit an intraday high of Rs.24.60 and low of Rs.23.75.

The total traded quantity was 33849 compared to 2 week average of 55259.

Source : Equity Bulls

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