Prakash Industries to allot 1 crore Equity Shares on conversion of warrants

Prakash Industries Ltd has announced that the Company had issued 1,00,00,000 convertible warrants on July 04, 2009. The Company has now received full payment against the said warrants and has received a notice from the subscriber to the warrants for allotment of 1,00,00,000 equity shares against conversion of said warrant. For allotment of said equity shares a meeting of Allotment committee of the Board of Directors of the Company is proposed to be held on January 01, 2011.

The stock closed the day at Rs.114.65, up by Rs.0.60 or 0.53%. The stock hit an intraday high of Rs.118.90 and low of Rs.114.10.

The total traded quantity was 0.66 lakhs compared to 2 week average of 0.82 lakhs.

Source : Equity Bulls

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