Orbit Corporation allots 1000000 Equity Shares

Orbit Corporation Ltd has announced that the Company has alloted 10,00,000 Equity Shares each to Mr. Ravi Kiran Aggarwal and Mr. Pujit Aggarwal, the Promoters of the Company on conversion of warrants by circular resolution dated November 23, 2010.

Further, also note that pursuant to the approval of shareholders at the Annual General Meeting held on June 18, 2010, the said 20,00,000 Equity shares allotted on conversion of warrants to the Promoters of the Company are entitled for equal number of Bonus Shares. Accordingly the Company has also allotted 10,00,000 Bonus Equity Shares each to Mr. Ravi Kiran Aggarwal and Mr. Pujit Aggarwal, Promoters of the Company in the ratio 1:1 (one fully paid Equity Share for every fully paid Equity Shares allotted as mentioned above) by way of circular resolution dated November 23, 2010.

The equity shares issued as above shall rank pari-passu with the existing equity shares of the Company.

Consequently after such allotment of aggregating 40,00,000 Equity Shares on Conversion of warrants and Bonus shares to the Promoters of the Company, Paid-up Equity Share Capital of the Company has increased to Rs. 1,13,96,18,900/-consisting of 11,39,61,890 Equity Shares of Rs. 10/- each.

The stock closed the day at Rs.70.10, down by Rs.10.55 or 13.08%. The stock hit an intraday high of Rs.81 and low of Rs.57.

The total traded quantity was 21.81 lakhs compared to 2 week average of 4.99 lakhs.

Source : Equity Bulls

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