Gayatri Projects approves allotment of 597521 shares

Gayatri Projects Ltd has announced that the Board of Directors of the Company at its meeting held on October 29, 2010, inter alia, has approved the allotment of 5,97,521 Equity Shares of Rs. 10/- each upon Conversion of 5,97,521 Warrants to Mr. T.V. Sandeep Kumar Reddy and Ms. T. Indira Reddy. After the present allotment the Paid up capital of the Company stands at Rs. 11,98,90,000/-. The promoters shareholding in the Company after such allotment on conversion of Warrants has increased to 54.99% from 53.51%.

Pursuant to the Special Resolution passed by the Shareholders of the Company at its Extra Ordinary General Meeting held on July 02, 2009 and in terms or Chapter XIII of the erstwhile SEBI Disclosure & Investor Protection) Guidelines 2000 (Presently Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, the Company had Issued, on September 14, 2009, 10,00,000 Warrants convertible into equal number of equity shares within a period of 18 months.

With this allotment, the allottee has exercised the conversion right with respect to 5,97,521 Warrants in total upon payment of balance 75% of the issue price (amounting to Rs. 106.89 per hare) well before the said period of 18 months.

The stock was trading at Rs.375.75, down by Rs.0.35 or 0.09%. The stock hit an intraday high of Rs.383.50 and low of Rs.371.05.

The total traded quantity was 0.10 lakhs compared to 2 week average of 0.46 lakhs.

Source : Equity Bulls

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