Remi Metals Gujarat Converts Optionally Convertible Preference shares into Equity shares

Remi Metals Gujarat Ltd has announced that the Company had allotted 3,00,00,000 Optionally Convertible Preference shares (OCP's) of Rs. 10/- each on March 31, 2009 pursuant to the scheme as approved by BIFR vide its order dated September 23, 2008.

As per the terms and conditions, option was given to the shareholders to convert OCP's into Equity shares at par at any time after one year from the date of allotment or upon the net worth of the Company turns positive, whichever is earlier. Therefore Preference shareholders now approached the Company to convert the aforesaid OCP's into Equity shares.

Board of Directors has passed a resolution in their meeting held on March 31, 2010 for conversion of 3,00,00,000 OCP's of Rs. 10/- each into 5,00,00,000 Equity shares of Rs. 6/- each.

The stock was trading at Rs.27.75, up by Rs.3.25 or 13.27%. The stock hit an intraday high of Rs.28.85 and low of Rs.24.25.

The total traded quantity was 16466 compared to 2 week average of 48868.

Source : Equity Bulls

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