HB Estate Developers Ltd allots 30 lakh NCNCPS

The Board of Directors of HB Estate Developers Ltd at its meeting held on March 29, 2013, has allotted 30,00,000 - 9% Redeemable Non-Cumulative Non-Convertible Preference Shares of face value of Rs. 100/- each at par aggregating to Rs. 30,00,00,000/- issued on private placement basis, as per the terms and conditions approved by the Board of Directors at its Meeting held on March 20, 2013.

After considering Recommendation Report of the Audit Committee, the Board has approved the Scheme of Amalgamation for amalgamation of Pisces Portfolios Private Limited with the Company, subject to such approvals as may be required. The appointed date of amalgamation is April 01, 2012 from opening of business hours. The Transferor Company is Pisces Portfolios Private Limited and the Transferee Company is HB Estate Developers Limited. The Paid up Share Capital of Transferor Company is Rs. 6,40,00,000/- divided into 64,00,000 Equity Shares of Rs. 10/- each. 64 equity shares of Rs. 10/- each of the Transferee Company to be issued against 100 fully paid up equity shares of Rs. 10/- each held by the shareholders of the Transferor Company.

Upon the Scheme becoming effective, the Transferor Company shall stand dissolved without following the procedure of winding up in accordance with the provisions of Section 391-394 of the Act.

Shares of HB Estate Developers Ltd last traded in BSE at Rs.14.70, up by Rs.0.70 or 5%. The stock hit an intraday high of Rs.14.70 and low of Rs.14.70.

The total traded quantity was 162 compared to 2 week average of 1060.

Source : Equity Bulls

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