Gujarat NRE Coke allots shares on conversion of warrants, ESOP

Gujarat NRE Coke Ltd has announced that the Board of Directors of the Company at its meeting held on July 09, 2010, inter alia, has allotted 40,00,000 Equity Shares of Rs. 10 each and 4,00,000 "B" Equity Shares of Rs. 10 each to Gujarat NRE Energy Resources Ltd., pursuant to conversion of 40,00,000 outstanding warrants.

2,79,300 Equity Shares of Rs. 10 each and 27,930 "B" Equity Shares of Rs. 10 each has been allotted to employees/directors of the Company and its subsidiaries pursuant to exercise of options under Employee Stock Option Scheme, 2005.

32,14,000 Options have been granted in 3rd Tranche under GNCL Employee Stock Option Scheme, 2007 to the employee(s) and Director(s) of the Company and its Subsidiaries at a price of Rs. 63.05 per share having a vesting period of 3 years/4 years/5 years respectively and carrying an option to exercise and receive one Equity Share of Rs. 10 each in lieu of every option upon completion of vesting period and within the exercise period as per the scheme.

Further the Company has informed that, pursuant to the aforesaid allotment of Equity Shares, the total paid up capital of the Company now stands at Rs. 552,72,08,660/- comprising of 50,24,73,515 Equity Shares of Rs. 10 each and 5,02,47,351 "B" Equity Shares of Rs. 10 each.

The stock was trading at Rs.63.50, up by Rs.0.55 or 0.87%. The stock hit an intraday high of Rs.65.70 and low of Rs.62.65.

The total traded quantity was 3091548 compared to 2 week average of 854234.

Source : Equity Bulls

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