IOL Chemicals approves issue of 15 lakh warrants

IOL Chemicals & Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on July 17, 2010, has approved the issue of 15,00,000 equity warrants, carrying an option to the holder of such warrants to subscribe to one equity share of Rs. 10/- for every warrant held, within 15 months from the date of allotment of the warrants at the price of Rs. 78/- each to G. Consultants and Fabricators Ltd., Non-Promoter on preferential basis and to recommend the same to the members for their approval at the ensuing Annual General Meeting of the Company.

The Board also approved convening of Annual General Meeting on August 14, 2010.

The stock was trading at Rs.52.95, up by Rs.0.15 or 0.28%. The stock hit an intraday high of Rs.55.75 and low of Rs.52.20.

The total traded quantity was 24450 compared to 2 week average of 20624.

Source : Equity Bulls

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