Max India Promoters Convert Warrants into equity shares

Dynavest India Pvt. Ltd., one of the promoter group Companies of Max India Ltd (Dynavest) had remitted in all, a sum of Rs. 1734 million being the full consideration for subscription to 2,000,000 warrants of Rs. 867/- each. Each Warrant entitles Dynavest to subscribe to four equity shares of Rs. 2/- each at a premium of Rs. 214.75 per equity share.

In this regard, the Board of Directors of the Company on August 04, 2011 allotted 8,000,000 (Eight million) equity shares of Rs. 2/- each at a premium of Rs. 214.75/- per share to Dynavest on conversion of 2,000,000 Warrants of Rs. 867/- each.

With the aforesaid allotment, the paid up share capital of the Company stood increased to Rs. 52,91,28,220/-, effective August 04, 2011 and the promoters holding stood increased to 37.03% on the enhanced capital.

The stock was trading at Rs.191, up by Rs.5.90 or 3.19%. The stock hit an intraday high of Rs.192.45 and low of Rs.185.50.

The total traded quantity was 3.35 lakhs compared to 2 week average of 1.62 lakhs.

Source : Equity Bulls

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