Compact Disc India allots 3150000 shares

The Board of Directors of Compact Disc India Ltd in its meeting held on March 30, 2012, allotted 31,50,000 equity shares of Rs. 10 each of the company at a premium of Rs. 33.35 i.e. at a price of Rs. 43.35 per share pursuant to the provisions of Section 81 (1A) of the Companies Act, 1956 to Naksh Media Pvt. Ltd. in terms of approval of the shareholders by way of Special Resolution and as per the agreement entered into with Naksh Media Pvt. Ltd.

The company has completed its own production "Eternal Love", an animation feature film for the international markets. The company will close distribution deals of the film within next 3 months time.

The Board is confident to resolve its all pending financial disputes/issues by June 30, 2012.

The Compact Disc India Ltd stock closed the day at Rs.24.60, up by Rs.4.10 or 20%. The stock hit an intraday high of Rs.24.60 and low of Rs.21.30.

The total traded quantity was 0.94 lakhs compared to 2 week average of 0.20 lakhs.

Source : Equity Bulls

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