Paramount Communications approves issue of 3520000 warrants

Paramount Communications Ltd has announced that the Board of Directors of the Company at its meeting held on August 28, 2010, inter alia, has approved the proposal to issue 35,20,000 warrants convertible into equity shares on preferential basis to the Promoter(s)/ Promoters group in accordance with SEBI [Issue of Capital & Disclosure Requirements) Regulations, 2009, subject to approval of shareholders.

The 16th Annual General Meeting of the Company will he held on September 27, 2010.

The stock was trading at Rs.9, down by Rs.0.59 or 6.15%. The stock hit an intraday high of Rs.9.90 and low of Rs.8.85.

The total traded quantity was 70753 compared to 2 week average of 121218.

Source : Equity Bulls

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