Organic Coatings allots 769840 Equity Shares

Organic Coatings Ltd has announced that the Board of Directors of the Company has allotted on May 11, 2010 - 7,69,840 Equity Shares of Rs. 10/- each at a price of Rs. 14/- on conversion of balance 7,69,840 Share Warrants of the face value of Rs. 14/- each.

The allottees include Mr. Dhaval J. Nanavati (Individual) - 3,84,920 shares, Mr. Vimal C. Mehta Jointly with Mrs. Hemlata V. Mehra (Individual) - 3,84,920 shares.

The above shares shall be locked in for a period of one year from the date of allotment i.e. from May 11, 2010 upto May 10, 2011.

The stock was trading at Rs.25, up by Rs.0.55 or 2.25%. The stock hit an intraday high of Rs.25.60 and low of Rs.25.

The total traded quantity was 200 compared to 2 week average of 10017.

Source : Equity Bulls

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