Vimal Oil & Foods Ltd to issue 15 lakh shares

The Board of Directors of Vimal Oil & Foods Ltd at its meeting held on May 11, 2012, has considered further issue of 15,00,000 Equity Shares to the Non-Promoters on Preferential Basis subject to the approval of Members of the Company and other applicable compliances, if any and as per Chapter VII of the Securities And Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009.

The Board will also consider increase of borrowing power of the Company upto Rs. 1,000 Crore under Section 293(1)(d) of the Companies Act, 1956 subject to the approval of Members of the Company and other applicable compliances, if any.

The Board will also consider appointment of scrutinizes and other related matters for passing of resolutions through Postal Ballot under Section 192A of the Companies Act, 1956 for item no. 1 and 2.

The Vimal Oil & Foods Ltd stock was trading at Rs.48.75, down by Rs.4.50 or 8.45%. The stock hit an intraday high of Rs.48.75 and low of Rs.48.75.

The total traded quantity was 5 compared to 2 week average of 229.

Source : Equity Bulls

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