Asian Oilfield spurts on allotment of convertible warrants
DSIJ Intelligence / 27 Dec 2016
Asian Oilfield Services in its board meeting held on 27 December came up with an outcome that boosted its stock price. The stock of the company post meeting surged 11 per cent on an intra-day basis.
Asian Oilfield Services in its board meeting held on 27 December came up with an outcome that boosted its stock price. The stock of the company post meeting surged 11 per cent on an intra-day basis.
The company has informed the bourses that it has approved allotment of 95,00,000 warrants convertible into equity shares of the company at the issue price of Rs 80 per warrant, including a premium of Rs 70 per warrant to Oilmax Energy Pvt. Ltd and Balram Chainrai.
A total of 50,00,000 share warrants have been allotted to Oilmax Energy and the remaining 45,00,000 have been allotted to Balram Chainrai. Oilmax Energy is the promoter, wheras Balram Chainrai is a non-promoter NRI.
The share saw a spurt in volumes by 1.20 times. In the last three months, the stock has surged by 90 per cent. Its 30-day SMA stands at Rs 96.90, indicating bullishness in the stock. The 52-week high/low of the scrip stands at Rs 124/27.90.