Punjab Chemicals & Crop Protection approves preferential issue

Punjab Chemicals & Crop Protection Ltd has announced that the Board of Directors of the Company at its meeting held on November 11, 2010, has considered and approved the Preferential allotment of 7,50,000 warrants at the price of Rs. 140/- per warrant (Rupees One hundred forty only) convertible into Equity shares of Rs. 10/- each with a premium of Rs. 130/- per equity share to the Promoters, Promoters Associates and Directors as per the SEBI Guidelines and other applicable provisions of the Companies Act, 1956.

3,50,000 Preferential Convertible Warrants shall be convertible by March 31, 2011 and 4,00,000 Preferential Convertible Warrants by March 31, 2012.

The Board has also decided to hold an Extra-ordinary General Meeting of the shareholders on December 21, 2010 for getting the approval for allotment of the above referred Preferential Convertible Warrants.

The stock closed the day at Rs.126.25, down by Rs.2.40 or 1.87%. The stock hit an intraday high of Rs.131 and low of Rs.125.35.

The total traded quantity was 3443 compared to 2 week average of 10955.

Source : Equity Bulls

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