MIC Electronics approves preferential issue

MIC Electronics Ltd has announced that the Board of Directors of the Company at its meeting held on April 20, 2010, has approved the issue and allotment of 60,00,000 (Sixty Lakh Only) preferential convertible warrants to Mr. Maganti Chaitanya Pavan on preferential basis pursuant to members approval at the Extraordinary General Meeting held on February 04, 2010.

The Board approved allotment of equity shares pursuant to conversion of 18,60,000 (Eighteen Lakhs Sixty Thousand only) preferential convertible warrants each into one equity share out of 1,05,00,000 (One Crore Five Lakhs Only) preferential convertible warrants allotted on January 21, 2010 pursuant to members approval at their Extraordinary General Meeting held on September 09, 2009, to the warrant holders Shri Maganti Chaithanya Pavan : 18,00,000 No. of Equity Shares, Smt. Nimmagadda Dhana Lakshmi : 60,000 No. of Equity Shares.

The stock closed the day at Rs.42.75, up by Rs.0.90 or 2.15%. The stock hit an intraday high of Rs.43.20 and low of Rs.41.15.

The total traded quantity was 280915 compared to 2 week average of 236977.

Source : Equity Bulls

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