Lumax Industries EGM approves issue of shares to Stanley Electric

Lumax Industries Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on April 24, 2007, have unanimously approved the proposal to issue 10,00,000 number of Equity Shares of Rs 10/- each to M/s. Stanley Electric Co. Ltd, at a price of Rs 540.03 per share (including premium) as per SEBI, (Disclosure & Investor Protection) Guidelines, 2000 on Preferential Basis by Private Placement. The Proposed issue of Equity Shares to Stanley on preferential basis, will attract open offer provisions under SEBI Takeover Regulations, and Stanley have agreed to comply with the said regulations, subject to necessary provisions and approvals.

Source : Equity Bulls

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