Shri Lakshmi Cotsyn approves allotment of 7 million warrants

Shri Lakshmi Cotsyn Ltd has announced that the Board of Directors of the Company at its meeting held on August 30, 2010, inter alia, has considered and approved the allotment of 50,00,000 Share Warrants to promoters and 20,00,000 Share Warrants to non-promoters on preferential basis at SEBI Floor Price or Rs. 150/- per warrant, whichever is higher, for its expansion project subject to the approval of members at Extra Ordinary General Meeting which is scheduled to be held on October 04, 2010.

The Board noted the withdrawal of nomination of Mr. Sunil Trikha, by Exim Bank from Directorship of the Company.

The Board noted the appointment of M/s. Centbank Financial Services Ltd., Mumbai as a Book Running Lead Manager for the purpose of raising equity through Public Issue / QIP / PE / PP / FCCB / GDR / ADR, etc.

The stock closed the day at Rs.159, up by Rs.3.75 or 2.42%. The stock hit an intraday high of Rs.163.60 and low of Rs.157.10.

The total traded quantity was 63777 compared to 2 week average of 61097.

Source : Equity Bulls

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