Monnet Ispat allots 4700000 shares upon conversion of warrants

Monnet Ispat Ltd has announced that the holders of 4700000 warrants outstanding as on date and due for conversion on or before December 29, 2010 have exercised the conversion option in respect of the same and have also paid the balance 75% of the face value of each warrant. Consequent to the exercise option, the Committee, in its meeting held on December 22, 2010, has considered the matter and has allotted 4700000 equity shares to their respective holders.

The stock closed the day at Rs.548, up by Rs.17.35 or 3.27%. The stock hit an intraday high of Rs.551.60 and low of Rs.523.20.

The total traded quantity was 5081 compared to 2 week average of 9587.

Source : Equity Bulls

Keywords