Emmbi Polyarns approves issue of 1.2 million warrants

The Board of Directors of Emmbi Polyarns Ltd at its meeting held on May 08, 2011, has decided and approved, subject to the approval of the members of the Company, issuance of 12,00,000 Warrants at a price of Rs. 17/- per Warrants aggregating to Rs. 2,04,00,000/- to Mr. Makrand Appalwar, Managing Director and Promoter with an option to the Warrant holder to acquire same number of equity shares within a period of 18 months pursuant to provisions of Chapter VII of Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2009 relating to Preferential Issues.

An Extraordinary General Meeting of the Company will be held on June 06, 2011 at Silvassa, at the factory office for obtaining shareholders approval for the matters stated hereinabove.

The relevant date for the pricing of the aforesaid Issue is May 06, 2011.

The stock was trading at Rs.13.61, up by Rs.0.31 or 2.33%. The stock hit an intraday high of Rs.14.25 and low of Rs.12.81.

The total traded quantity was 5417 compared to 2 week average of 7044.

Source : Equity Bulls

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