Unitech allots 59034352 Equity Shares on Conversion of Warrants

Unitech Ltd has announced that further to the allotments of shares upon conversion of warrants on March 29, 2010, June 02, 2010, June 18, 2010 and December 22, 2010, the Committee of Directors of the Company in its meeting held on December 22, 2010 has allotted 59034352 (Five Crore Ninety Lacs Thirty Four Thousand Three Hundred Fifty Two) Equity Shares of Rs. 2/- each at a premium of Rs. 48.75 per share to Harsil Projects Private Limited, a promoter group Company, upon conversion of remaining 59034352 number of warrants into equivalent number of equity shares by way of preferential allotment. The promoters' shareholding in the Company after such allotment on conversion of Warrants has increased to 48.57% from 47.39%.

With this allotment, the allottee has exercised the conversion right with respect to all 227500000 Warrants in total upon payment of balance 75% of the issue price within the period of 18 months and hence after this trench of conversion, the Company has no warrants outstanding for conversion.

The stock was trading at Rs.61.75, down by Rs.1.45 or 2.29%. The stock hit an intraday high of Rs.63.95 and low of Rs.61.35.

The total traded quantity was 17.93 lakhs compared to 2 week average of 21.96 lakhs.

Source : Equity Bulls

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