Maxwell gains on board nod to allot shares to promoters

The board has approved allotment of 30,00,000 equity shares pursuant to conversion of 30,00,000 warrants

Shares of Maxwell Industries were up nearly 4% at Rs 56 on the Bombay Stock Exchange after the company said that its board has approved allotment of 30,00,000 equity shares to promoters and promote group of the company.

The aforesaid equity share allotment is pursuant to conversion of 30,00,000 warrants, the release added.

In a separate release, the company said the meeting of the Board of Directors will be held on November 09, 2015, mainly to approve and take on record the un-audited financial results of the Company for the 2nd quarter and half year ended on September 30, 2015.

The stock opened at Rs 54.30 and touched a high of Rs 56.80. At 2:50pm, over 600,000 shares were traded on both the stock exchanges.