Diamond Power surges on issue of warrants to promoter group at premium

Issue of 1,20,25,454 fully convertible warrants to promoters' group companies at a price not less than Rs 55/- per warrant

Shares of Diamond Power surged nearly 17% to Rs 30.60 on the Bombay Stock Exchange after the company said tha tits Share/warrant allotment committee is scheduled to meet on April 28 to consider allotment of 1,20,25,454 fully convertible warrants on preferential basis.

The warrants convertible into equity shares of the company on a preferential basis will be at a price not less than Rs 55/- per warrant to the promoters' group companies, the company said in a release.

The stock opened at Rs 25.85 and touched a high of Rs 30.70. At 12:25pm, over 1.7 million shares were traded on both the stock exchanges.