Ind-Swift Laboratories approves preferential issue of 8 million warrants

Ind-Swift Laboratories Ltd has announced that the Board of Directors of the Company at its meeting held on August 25, 2010 have approved the preferential issue of 80,00,000 Zero Coupon convertible warrants (2010 series) into equity shares of Rs. 10/- each pursuant to SEBI (Issue of Capital and Disclosure of Requirements) Regulation. 2009 guidelines (ICDR). As per the said Guidelines, Company has to allot the warrants within a period of 15 days from the date of passing of resolution in Annual General Meeting.

Further the Company has informed that the company has fixed the date of forthcoming Annual General Meeting on September 22, 2010.

The stock was trading at Rs.129.20, up by Rs.5.50 or 4.45%. The stock hit an intraday high of Rs.129.95 and low of Rs.118.20.

The total traded quantity was 14.42 lakhs compared to 2 week average of 7.94 lakhs.

Source : Equity Bulls

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