Kalpena Industries approves allotment of 3 million shares

Kalpena Industries Ltd has announced that the Board of Directors of the Company at its meeting held on September 17, 2010, has approved the allotment of 30,00,000 (Thirty Lacs) Equity Shares of Rs. 10/- each , on conversion of balance 30,00,000 warrants issued on November 27, 2009, at a conversion price of Rs. 80/- each (including a premium of Rs. 70/-) to M/s. Tara Holdings Pvt. Ltd. (15,00,000 Equity Shares) and M/s. Inbara Holdings Pvt. Ltd. (7,25,000 Equity Shares) collectively referred to as Promoter Group Companies and to M/s. Subh Labh Vintrade Pvt. Ltd. (7,75,000 Equity Shares), a Strategic Investor not forming part of Promoter Group, in compliance with Chapter VII of the SEBI (ICDR) Regulations, 2009, the relevant provisions of the Companies Act, 1956 and the Securities Contracts (Regulation) Act, 1956. and also the Depositories Act, 1996.

Further the Company noted that, the Company had issued a total of 60,00,000 warrants on preferential basis at a price of Rs. 80/- each including a premium of Rs. 70/- per warrant on November 27, 2010, out of which 30,00,000 warrants were converted into equity shares on August 12, 2010 and the balance 30,00,000 warrants are now converted into equity shares of Rs. 10/- each.

Consequent to the aforesaid allotment, the paid up capital of the Company has gone up from Rs. 14,55,36,000/- to Rs. 17,55,36,000/- consisting of 17553600 equity shares of Rs. 10/- each.

The stock was trading at Rs.129, down by Rs.4.25 or 3.19%. The stock hit an intraday high of Rs.134 and low of Rs.128.35.

The total traded quantity was 7259 compared to 2 week average of 11075.

Source : Equity Bulls

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