Infibeam gains on board nod to issue of warrants to Bennett Coleman

The stock hit a new high of Rs 1,267, up 10% on the BSE in intra-day trade

Infibeam Incorporation hit a new high of Rs 1,267, up 10% on the BSE in intra-day trade, after the board approved issue of warrants to Bennett Coleman and Company on preferential issue-basis at a conversion price of Rs 1,375 per equity share.

“The board of directors of Infibeam Incorporation at their meeting held on Tuesday, January 24, 2017 passed the resolution to issue one warrant fully convertible into equity shares for an aggregate amount not exceed Rs 60 crore to body corporate other than promoters and promoter group i.e. Bennett Coleman and Company on preferential issue basis at a conversion price of Rs 1,375 per equity share or at price determined in accordance with the Sebi regulation,” the company said in a statement.

The relevant date for the purpose of calculating the price of warrant to be issued in terms hereof shall be January 22, 2017, being 30 days prior to the date of the Extraordinary General Meeting scheduled to be held on February 22, 2017, it added.

At 09:41 am; the stock was up 7% at Rs 1,234 as compared to 0.47% rise in the S&P BSE Sensex. A combined 79,384 shares changed hands on the counter on the BSE and NSE so far.