Atco Corporation approves fund raising, sale of shares

The Board of Directors of Atco Corporation Ltd at its meeting held on March 12, 2011, has approved the conversion of fully paid up 1,65,00,000 warrants into 1,65,00,000 Equity Shares of Rs. 2/- each as per approved scheme. As a result of this, issued & paid up Capital will increased from present Rs. 18,39,03,000/- to Rs. 20,04,03,000/- on allotment of the said shares.

The Board also approved sale of shares of Atcomaart Services Ltd (100% Subsidiary) to Atco Ltd (100% Subsidiary - formerly known as geo Water Technologies Ltd), sale of shares of geo Thermal Water Ltd (100% Subsidiary) to Varuna Drinking Water Solutions Ltd (100% Subsidiary), sale of shares of geo Aquatech Ltd (100% Subsidiary) to Varuna Drinking Water Solutions Ltd (100% Subsidiary).

The Board also approved transfer of Industrial Supply stores Business of the Company to its 100% Subsidiary namely Atco Ltd (formerly known as geo Water Technologies Ltd).

The stock was trading at Rs.110, down by Rs.0.80 or 0.72%. The stock hit an intraday high of Rs.113.90 and low of Rs.109.

The total traded quantity was 172 compared to 2 week average of 5291.

Source : Equity Bulls

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