Sterlite Technologies Converts Warrants into Equity Shares and allots Shares under ESOS

Pursuant to the Special Resolution passed by the Shareholders of Sterlite Technologies Ltd at its Annual General Meeting held on July 24, 2009, the Company had issued convertible warrants to Twin Star Overseas Ltd, Mauritius, a promoter group Company. Twin Star Overseas Ltd has exercised the conversion right with respect to the aforesaid warrants upon payment of balance 75% of the issue price.

The Allotment Committee of the Board of Directors of the Company in its meeting held on April 07, 2011 has allotted 3,65,00,000 fully paid up equity shares of Rs. 2 each to Twin Star Overseas Ltd, Mauritius upon conversion of warrants by way of preferential allotment.

1,82,50,000 fully paid up equity shares of Rs. 2 each at a premium of Rs. 57.40 per share were allotted consequent to sub-division of equity shares from Rs. 5 each to Rs. 2 each.

1,82,50,000 fully paid-up Bonus Equity Share of Rs. 2/- in the ratio of one equity share of Rs. 2 each, for every one equity share of Rs. 2 each.

56,348 Equity Shares were allotted to those grantees who had exercised their options under the Company's Employee Stock Option Scheme 2006.

The stock closed the day at Rs.67, up by Rs.0.65 or 0.98%. The stock hit an intraday high of Rs.68 and low of Rs.64.90.

The total traded quantity was 4.39 lakhs compared to 2 week average of 9.80 lakhs.

Source : Equity Bulls

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