Diamond Power up 17%, to issue 1.2cr warrants to promoters

Moneycontrol BureauShares of Diamond Power Infrastructure rose 17.4 percent intraday Tuesday as the company is seeking share allotment committee to issue warrants at minimum Rs 55 per warrant.The company has received an approval from BSE and NSE for the issue of 1,20,25,454 warrants convertible into equity shares of the company on preferential basis to the promoter group companies.The company's share/warrant allotment committee is scheduled to be held on April 28, 2016 to allot fully convertible warrant on preferential basis.In an interview with CNBC-TV18 the company said, "The promoters are looking to increase their stake and post warrant issue their stake will go up to 47 percent. The proceed will use to meet working capital needs.""The company is in conversation with strategic buyers to infuse funds into business and looking to increase promoters stake by 5 percent next year," it added.At 12:26 hrs Diamond Power Infrastructure was quoting at Rs 30.50, up Rs 4.30, or 16.41 percent on the BSE.Posted by Rakesh Patil