Aditya Birla Nuvo issuing Rs 1000 crore warrants to promoters

Aditya Birla Nuvo flying high on reports of the company issuing Rs 1000 crore warrants to promoters; priced at Rs 540.5 each
Aditya Birla Nuvo flying high on reports of the company issuing Rs 1000 crore warrants to promoters. The warrants are issued at Rs 540.5 each which might be converted into equity shares within 18 months of conversion. Reports suggest that the promoters will pump in 25% of the amount at the time of allotment & remaining at the time of conversion. The company had earlier alloted 20.5 million preferrential warrants in March 2008 for Rs 341 crore. The stock is also buxxing on expectations of teh government passing the Insurance act as soon as possible. Aditya Birla Nuvo is the parent company of Birla Sun Life Insurance.

AdityaBirlaNuvo has touched an intra day high of Rs 825.00 and an intra day low of Rs 660.00 At 10:28 am the share was quoting at Rs 810.00, up Rs 157.75, or 24.19%.  It was trading with volumes of 31,273 shares, compared to its 5-day average of 113,461 shares, an decrease of -72.44%.

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