Andhra Cements allots 6997077 shares

Andhra Cements Ltd has announced that Meeting of Committee of Board of Directors of the Company has allotted 69,97,077 Equity Shares of Rs. 10/- at a premium of Rs. 14/- per share at their Meeting held on September 06, 2010, to HDFC (31,07,078 shares) & IDFC (38,89,999 shares) by way of Preferential Issue by conversion of outstanding obligation (i.e. interest and other charges) payable to them as per the SEBI (ICDR) Regulations 2009 and in terms of the Special Resolution passed by the Shareholders at Annual General Meeting held on August 30, 2010.

The stock closed the day at Rs.19.05, up by Rs.1.35 or 7.63%. The stock hit an intraday high of Rs.19.40 and low of Rs.18.10.

The total traded quantity was 6.08 lakhs compared to 2 week average of 1.25 lakhs.

Source : Equity Bulls

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