Sturdy Industries to issue 8 million convertible warrants

Sturdy Industries Ltd has announced that the Board of Directors of the Company at its meeting held on June 07, 2010, has decided to issue the 80,00,000 Fully Convertible Warrants, convertible into Equity Shares with in a period of 18 months from the date of allotment to the persons belonging to Promoter and Non-Promoter group.

For taking approval of the shareholders for the aforesaid preferential issue of convertible warrants, an Extraordinary General Meeting of the Company will be called on July 17, 2010.

The stock was trading at Rs.5.15, down by Rs.0.09 or 1.72%. The stock hit an intraday high of Rs.5.30 and low of Rs.5.06.

The total traded quantity was 124005 compared to 2 week average of 51011.

Source : Equity Bulls

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