Shilpi Cable tanks 20% on heavy volumes

In past one-year, the stock had zoomed 279% against 16.6% rise in Sensex till Tuesday.

Shilpi Cable Technologies was locked in lower circuit of 20% at Rs 165 on BSE on back of heavy volumes with no buyers seen on the counter.

The stock tanked 24% from its opening level of Rs 217 on BSE. The trading volumes on the counter jumped nearly five-fold. 
 

Till 12:50 pm; a combined 1.61 million shares changed hands and there were pending sell orders for 697,125 shares on the BSE and NSE.

Shilpi Cable Technologies on Tuesday after market hours informed the stock exchanges that the board meeting which was scheduled to be held on April 25, 2017 at the registered office of the company was cancelled due to lack of quorum.

It’s a second time, after April 18, the board meeting was cancelled due to lack of quorum. The said board meeting was to consider and approve allotment of equity shares upon conversion of warrants.

The company on April 12 said that Shilpi Cables Private Limited, a promoter group company, has submitted the request for conversion of 7 million convertible warrants into equity shares of the company as per the terms of the issue of such warrants.

The company had issued and allotted 15 million covertible warrants on preferential basis to M/s Shilpi Cables Private Limited, a person belonging to the promoter category at an exercise price of Rs 60/- per underlying equity share of the face value of Rs 10 each on 13th October, 2015. Out of which 8 million warrants have been converted into equal number of equity shares on 28.03.2016.

In past one-year, the stock had zoomed 279% against 16.6% rise in the S&P BSE Sensex till yesterday.