Action Construction Equipment allots 5 million warrants

Action Construction Equipment Ltd has announced that the Board of Directors of the Company at its meeting held on May 27, 2010, inter alia, has decided on the allotment of 50,00,000 (fifty Lac) Convertible warrants to Mrs. Mona Agarwal, promoter of the Company, at the rate of Rs. 41.45 per convertible Warrant. These warrants would be convertible into equity shares at a letter date, ranking pari-passu with the existing shares of the Company.

Subject to the approval of Shareholders in General Meeting, consent to issue Stock options to the employees of the Company, including independent directors, not to exceed 10,00,000 (Ten Lac) in Nos. under Employee Stock Option Scheme- 2010 ("ESOS-2010"), of the Company.

The stock was trading at Rs.46.35, up by Rs.2.55 or 5.82%. The stock hit an intraday high of Rs.49.20 and low of Rs.43.25.

The total traded quantity was 345765 compared to 2 week average of 65091.

Source : Equity Bulls

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