Amtek Auto allots 7.4 million shares on conversion of warrants

Amtek Auto Ltd has announced that Allotment Committee of Board of Directors of the Company in its meeting held on May 31, 2010 has allotted 74,00,000 Equity Shares upon conversion of warrants into equivalent number of equity shares of Rs. 2/- each at a premium of Rs. 131/- aggregating to Rs. 98.42 Crores to the promoters group Companies by way of preferential allotment.

Further the Convertible warrants issued by the Company are exercised by the allottees within the currency period of warrants which were allotted on July 08, 2009 in terms of Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000.

The stock was trading at Rs.166.25, up by Rs.2.30 or 1.40%. The stock hit an intraday high of Rs.168.35 and low of Rs.163.

The total traded quantity was 23595 compared to 2 week average of 74158.

Source : Equity Bulls

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