Kavveri Telecom Products allots 40 lakh shares, 30 lakh warrants

Kavveri Telecom Products Ltd has announced that the Board of Directors of the Company at its meeting held on February 02, 2011 have allotted 40,00,000 (Forty lakhs only) equity shares of the face value Rs. 10/- (Rupees Ten only) each for cash at a price of Rs. 113/- (Rupees One hundred and Thirteen only) per share, including a premium of Rs. 103/- (Rupees One hundred and Three only) per share.

The Board allotted 10,00,000 (Ten lakhs only) warrants convertible into equity shares, to promoters; with each warrant convertible into one equity share of the Company of nominal value of Rs. 10/- (Rupees Ten only) each at a price of Rs. 113/- (Rupees One hundred and Thirteen only) per share, including a premium of Rs. 103/- (Rupees One hundred and Three only) per share.

The Board also allotted 20,00,000 (Twenty lakhs only) warrants convertible into equity shares, to strategic investors / non promoters; with each warrant convertible into one equity share of the Company of nominal value of Rs. 10/- (Rupees Ten only) each at a price of Rs. 113/- (Rupees One hundred and Thirteen only) per share, including a premium of Rs. 103/- (Rupees One hundred and Three only) per share.

The stock was trading at Rs.115, up by Rs.2.15 or 1.91%. The stock hit an intraday high of Rs.119.70 and low of Rs.114.

The total traded quantity was 0.88 lakhs compared to 2 week average of 0.67 lakhs.

Source : Equity Bulls

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