Zenith Birla to issue 10810000 warrants

Zenith Birla (India) Ltd has announced that the Board of Directors of the Company at its meeting held on August 13, 2010, inter alia, has decided to issue upto 1,08,10,000 - Share Warrants with a right exercisable by the warrant holder to subscribe for one Equity Share per warrant, to the Promoters of the Company on a preferential basis, in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations) and on such other tem and conditions as the Board may in absolute discretion decide. The proposed issue will be made at a price to be determined as per the applicable ICDR Regulations. The said issue of share warrants is subject to the approval of shareholders of the Company which will be taken through postal ballot.

The stock closed the day at Rs.16.05, down by Rs.0.50 or 3.02%. The stock hit an intraday high of Rs.16.95 and low of Rs.16.

The total traded quantity was 5.52 lakhs compared to 2 week average of 9.83 lakhs.

Source : Equity Bulls

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