Kemrock Industries approves conversion of 911268 warrants

Kemrock Industries and Exports Ltd has announced that the Board of Directors of the Company at its meeting held on June 24, 2010, has considered and approved, inter alia, conversion of 911,268 warrants into equal number of equity shares of Rs. 10/- each upon exercise of option by M/s. RPM International Inc., USA, to convert their 911,268 warrants into equity shares out of total 16 lacs warrants held by them.

Accordingly, the Board has allotted 911,268 equity shares to M/s. RPM International Inc., USA, on preferential basis, upon receipt of balance consideration of 75% (Rs. 246,042,360) payable on such conversion.

The above equity shares allotted to M/s. RPM International Inc., USA, are in accordance with the special resolution passed at the Annual General Meeting of the Company held on August 28, 2009 and as per the terms and conditions of Warrants issued to them at the Board meeting held on December 23, 2009, and pursuant to applicable SEBI (ICDR) Regulations, 2009 for Preferential issue.

Consequent upon allotment of equity shares, as aforesaid, the paid-up share capital of the Company stands increased to Rs. 167,534,660/- divided into 16,753,466 equity shares of Rs. 10/- each.

The stock was trading at Rs.561.40, down by Rs.0.90 or 0.16%. The stock hit an intraday high of Rs.568.90 and low of Rs.556.05.

The total traded quantity was 9539 compared to 2 week average of 32910.

Source : Equity Bulls

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