Varun Shipping to issue equity shares on conversion of OFCWs allotted on preferential basis

Varun Shipping Company Ltd has announced that consequent to the exercise of option for conversion of 68,00,000 Optionally Fully Convertible Warrants (OFCWs), which were allotted on Preferential basis to Tarun Shipping and Industries Ltd (TSIL) and Khatau International Ltd (KIL), promoter group companies, the Committee of Directors (CoD) at its meeting held May 31, 2007 has issued and allotted 28,50,000 and 39,50,000 equity shares to Tarun Shipping and Industries Ltd and Khatau International Ltd respectively, totaling to 68,00,000 equity shares at a price of Rs 75 per share (i.e. Rs 10 on capital account and Rs 65 on premium account).

The stock closed the day at Rs.57, up by Rs.1.10 or 1.97%. The stock hit an intraday high of Rs.57.25 and low of Rs.55.50. The total traded quantity was 71118 compared to 2 week average of 90550.

Source : Equity Bulls

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