K S Oils to allot 1.64 cr shares to promoters

K S Oils Ltd today said its board has approved the allotment of 1.64 crore equity shares of Re 1 each to its promoters.

"... Board of Directors in its meeting held on December 30, 2010 have approved the allotment of 1.64 crore equity shares of Re 1 each to promoters on conversion of warrants issued to promoters on July 2009...," the company said in a filing to Bombay Stock Exchange.

The company would alloted the equity shares at a prices of Rs 54.5 per unit to the promoters.

K S Oils has issued 1.64 convertible warrants to its promoters on July 1, 2009, which will be converted into shares for allotting them to promoters.