Trident Ltd approves allotment of 6 crore warrants

The Board of Directors of Trident Ltd at its meeting held on September 30, 2013, has approved the allotment of 6,00,00,000 warrants carrying an option to the holders of such warrants to subscribe to one equity share of Rs. 10/- each for every warrant held within 18 months from the date of allotment. Out of a total 6,00,00,000 warrants allotted, 3,00,00,000 warrants have been allotted to M/s. Trident Industrial Corp Limited [a Promoter Group entity] and 3,00,00,000 warrants to M/s. Rainbow Integrated Texpark Limited [a Non Promoter Group entity] on preferential basis.

The Board has constituted a Committee of Directors to engage & appoint independent professionals to consider and advise on possible restructuring, valuation, procedures and others aspects for consideration by the Audit Committee and the Board in due course.

Shares of Trident Ltd last traded in BSE at Rs.8.95, up by Rs.0.01 or 0.11%. The stock hit an intraday high of Rs.9 and low of Rs.8.80.

The total traded quantity was 0.13 lakhs compared to 2 week average of 0.11 lakhs.

Source : Equity Bulls

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