Unitech allots 59056781 shares

Unitech Ltd has announced that further to the allotment of 5,00,00,000 shares upon conversion of equivalent number of warrants on March 29, 2010, the Committee of Directors of the Company in its meeting held on June 02, 2010, has further allotted 59056781 (Five Crore ninety lacs fifty six thousand seven hundred eighty one) Equity Shares of Rs. 2/- each at a premium of Rs. 48.75 per share to Harsil Projects Pvt. Ltd., a promoter group Company, upon conversion of 59056781 number of warrants into equivalent number of equity shares by way of preferential allotment. The promoters' shareholding in the Company after such allotment on conversion of Warrants has increased to 46.30% from 45%.

Pursuant to the Special Resolution passed by the Shareholders of the Company at its Extra ordinary General Meeting held on June 16, 2009 and in terms of Chapter XIII of the erstwhile SEBI (Disclosure & Investor Protection) Guidelines 2000, the Company had issued, on June 29, 2009, 22,75,00,000 Warrants convertible into equal number of equity shares at the aforesaid price within a period of 18 months.

The allottee has exercised the conversion right with respect to 59056781 Warrants upon payment of balance 75% of the issue price (amounting to Rs. 224.78 Cr.) well before the said period of 18 months which falls due on December 28, 2010.

The stock closed the day at Rs.70.85, up by Rs.1.90 or 2.76%. The stock hit an intraday high of Rs.71.10 and low of Rs.68.

The total traded quantity was 4982655 compared to 2 week average of 5558892.

Source : Equity Bulls

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