Panasonic Home Appliances India Company Ltd approves issue of 15,67,000 shares at Rs.125

The Board of Directors of Panasonic Home Appliances India Company Ltd at its meeting held on April 02, 2012 has approved, subject to the approval of the shareholders of the Company, the proposal to issue and allot up to 15,67,000 Equity Shares of Face value Rs. 10/- for cash at a price of Rs. 125/- per share (including a premium of Rs. 115/- per share) wherein up to 12,62,000 Equity Shares are proposed to be allotted to Panasonic Corporation, Japan, foreign promoter and up to 3,05,000 Equity Shares to nominee(s) of P.Obul Reddy Group representing Indian Promoters.

The Board has also decided to convene an Extraordinary General Meeting (EGM) of the Company on May 07, 2012, to seek shareholder approval inter alia for the proposed preferential issue of sharers to Promoters of the Company.

The Panasonic Home Appliances India Company Ltd stock was trading at Rs.112.50, up by Rs.16.50 or 17.19%. The stock hit an intraday high of Rs.115.20 and low of Rs.105.

The total traded quantity was 5480 compared to 2 week average of 876.

Source : Equity Bulls

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