Shree Ashtavinayak Cine Vision allots 6819621 shares at Rs 43.98

Shree Ashtavinayak Cine Vision Ltd has announced that the Board of Directors of the Company at its meeting held on March 31, 2010, inter alia, has resolved and allotted 68,19,621 Equity Shares of Rs 1/- each fully paid up at the issue price of Rs 43.98 per equity share on Conversion of FCCBs amounting to USD 7.623 Million into equity shares, in accordance with the terms and conditions of Prior in-principle approval letters issued.

The above shares shall be credited in demat account after receipt of Listing permission, to be followed by corporate action and, in terms of Special Resolution passed in the Extra Ordinary General Meeting held on January 18, 2010, 2,72,78,484 Bonus Shares shall be issued after obtaining prior-in principle approval for the issue of Bonus Shares to FCCB holders who are allotted aforesaid equity shares on conversion of the FCCBs.

The stock was trading at Rs.12.06, up by Rs.0.57 or 4.96%. The stock hit an intraday high of Rs.12.06 and low of Rs.11.80.

The total traded quantity was 4657383 compared to 2 week average of 3856594.

Source : Equity Bulls

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