JK Industries issues 36,00,000 shares on preferential basis at Rs.105

JK Industries Ltd has announced that the Company made Preferential Issue of 36,00,000 Equity Shares at a price of Rs 105/- per Equity Share i.e. at a premium of Rs 95/- per Equity Share and allotted Equity Shares on August 23, 2006 after getting the requisite approvals and received a sum of Rs 37.80 Crores towards the same.

The objects of the issue was to augment the long-term resources of the Company. This will also strengthen the financial base of the Company and maximize overall value for all shareholders of the Company.

The Company has to report that there is no variation between the objects of the issue and the actual utilization of funds.

The stock closed the day at Rs.115.35, down by Rs.3.80 or 3.19%. The stock hit an intraday high of Rs.122 and low of Rs.115. The total traded quantity was 20743 shares compared to 2 week average of 24104.

Source : Equity Bulls

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