Stone India Ltd approves issue of 20 lakh warrants

The Board of Directors of Stone India Ltd at its meeting held on August 28, 2013, have approved the issue of upto 20,00,000 (Twenty Lacs) Warrants on preferential basis to the Promoter / Promoters Group, subject to the approvals from the Shareholders' of the Company and regulatory authorities. Each warrant will give the holder thereof a right to convert into one equity share of face value of Rs. 10 / - (Rupees ten) each fully paid up. The Warrants proposed to be issued will be converted into Equity Shares in one or more tranches over the period of 18 months from the date of allotment of such Warrants. The Warrants will be issued at a price not lower than the price specified in Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and on such further terms and conditions as specified in the said guidelines.

Shares of Stone India Ltd was last trading in BSE at Rs.15.95, down by Rs.0.75 or 4.49%. The stock hit an intraday high of Rs.16.40 and low of Rs.15.70.

The total traded quantity was 3959 compared to 2 week average of 1404.

Source : Equity Bulls

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