Unitex Designs Board approves rights issue

Unitex Designs Ltd has announced that the Board of Directors of the Company at its meeting held on April 16, 2007, inter alia, has taken following decisions:

1. The Board noted the resignation of Mr. S C Dalal from the post of Managing Director due to his health problems. He will continue to act as an Independent Director.

2. The Board discussed & approved the further issue of Equity Shares on Rights basis in the 1:1 ratio.

3. The Board approved the appointment of M/s. Ashika Capital Ltd as Lead Manager to the Rights Issue.

4. The Board noted that after an investment of Rs 50,00,000/- in the Equity Shares of SKM Fabrics (Amana) Ltd. it has become a Wholly Owned Subsidiary Company of the Company.

5. Mr. Jayant Godbole is appointed as an Additional Director of the Company with immediate effect.

6. Mr. Pankaj Mehra is appointed as an Additional Director of the Company with immediate effect.

The stock closed the day at Rs.8. The stock hit an intraday high of Rs.8.02 and low of Rs.8. The total traded quantity was 375 shares compared to 2 week average of 2592.

Source : Equity Bulls

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