Orbit Exports approves allotment of 4 lakh OFCW

Orbit Exports Ltd has announced that the Board of Directors of the Company at its meeting held on November 01, 2010 has considered and approved issue and allotment of 4,00,000 Optionally Fully Convertible Warrants (OFCW) each to Mr. Pankaj Seth, Promoter and Smt. Anisha Seth, Promoter at an issue price of Rs.38/- per share (including premium of Rs.28/- per share) aggregating to Rs 3,04,00,000/- on Preferential Basis under Section 81 ( 1A) of the Companies Act, 1956 read with the guidelines for Preferential Issues contained in Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations., 2009, The Preferential Allottees have made payment of Application Money of Rs.76,00,000/- in aggregate towards 25% of total issue proceeds on non-refundable basis as required under Regulation 77 (2) of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The stock was trading at Rs.52.75, down by Rs.4.85 or 8.42%. The stock hit an intraday high of Rs.58 and low of Rs.52.60.

The total traded quantity was 0.64 lakhs compared to 2 week average of 0.58 lakhs.

Source : Equity Bulls

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