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Stake Sale
Glodyne Technoserve Ltd allots 600000 Equity Shares on Conversion of Warrants
Posted On : 2011-12-23 00:41:43( TIMEZONE : IST )
Glodyne Technoserve Ltd had issued 6,00,000 warrants on preferential basis to M/s. Glodyne Global Private Limited, a Promoter Group Company ("Warrant holder"), on June 23, 2010 at a warrant price of Rs. 180 pet warrant which were due for conversion on or before 18 months from the date of allotment. The said warrants were issued pursuant to the shareholders consent at their Extra General Meeting held on June 10, 2010, and the In-principle Approval granted in this regard by Stock Exchanges.
Further pursuant to sub-division of the shares of the Company from Rs. 10 to Rs. 6, the rights of convertible warrant holders have been varied and fresh warrants carrying the right to exercise 10,00,000 new equity shares of Rs. 6/- each were issued in accordance with the shareholders consent.
Further the Company has informed that the Warrant holder have exercised their right for conversion of warrants and applied for full conversion of 10,00,000 warrants held by them at equity share price of Rs. 432 per warrant.
The Board of Directors of the Company, pursuant to receipt of Warrant exercise price have vide its circular resolution dated December 22, 2011 consented and approved the allotment of the 10,00,000 (Ten lakh) Equity shares of face value price of Rs. 6/- per share to Warrant holder. The equity shares allotted on conversion of warrants are subject to the Memorandum and Articles of Association of the Company and shall rank pari passu in all respects with existing Equity Shares of the Company, including dividends.
Further the Company has also informed that consequent to the allotment of 10,00,000 (Ten lakh) equity shares of face value of Rs. 6/- each to Warrant holder, the paid-up equity share capital of the Company has increased from Rs. 26,39,59,260 to Rs. 26,99,59,260/- comprising of 4,49,93,210 equity shares of Rs. 6/- each.
The stock was trading at Rs.243, down by Rs.1.60 or 0.65%. The stock hit an intraday high of Rs.249.80 and low of Rs.242.50.
The total traded quantity was 0.24 lakhs compared to 2 week average of 1.67 lakhs.
