Hindustan Motors up 3% on allotment of shares to promoters

Shares of Hindustan Motors , the flagship venture of the multi-billion-dollar CK Birla Group, gained as much as 3.2% to intraday high of Rs 8.7 on Wednesday as company allotted 1.18 crore equity shares to promoters on conversion of warrants.
 
In a release sent to BSE, company said, "The special committee of directors of the company at its meeting held on June 19, 2012 has allotted 1,18,00,000 equity shares of Rs 5 each at a premium of Rs 7.25 per equity share to the promoter/promoter group companies (namely Amer Investments (Delhi) Limited and Central India Industries Limited) who have exercised the option of conversion of 1,18,00,000 warrants allotted on preferential basis to them.

At 10:13 hours IST, the share was trading at Rs 8.61, up 2.14% with volumes of 14,351 shares.

Market capitalisation of the company currently stands at Rs 148.93 crore.