Gujarat Terce Laboratories converts 25 lakh Equity Warrants into equity shares

Gujarat Terce Laboratories Ltd has announced that on January 19, 2011 the Board of Directors has converted 25,00,000 equity warrants into 25,00,000 equity shares at a price of Rs. 16/- per equity share. The conversion price is comprised of Rs. 10/- per equity share on Capital Account & Rs. 6/- per equity share on Share Premium Account. The converted equity shares are subject to lock in as per clause 78(1) and (2) of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009.

The object of the issue was to strengthen capital base and to meet long term resources for additional working capital requirement for existing activities and proposed diverfication activities. The Company has deployed its fund to meet part of capital cost of metal recycling project i.e. Manufacturing of copper sulphate from copper waste, copper oxide and copper ash.

The Company has received first order from M/s. Hindustan Zinc Ltd for supply of copper sulphate crystal.

The stock closed the day at Rs.19.15, up by Rs.0.25 or 1.32%. The stock hit an intraday high of Rs.19.60 and low of Rs.18.30.

The total traded quantity was 0.20 lakhs compared to 2 week average of 0.32 lakhs.

Source : Equity Bulls

Keywords