Shakti Pumps India Ltd Board approves issue of 15 lakh shares

The Board of Directors of Shakti Pumps India Ltd at its meeting held on December 11, 2013, has decided to issue 15,00,000 (Fifteen Lakhs) warrants to Promoter and Promoter Group shall be convertible into one equity shares of Rs. 10/- each of the Company on a preferential basis at a price to be determined in accordance with the Regulations for Preferential Issue as contained in SEBI (ICDR) Regulations, 2009 subject to approval of the members in the Extra-Ordinary General Meeting.

The Board approved appointment of Ms. Pooja Mahajan as Nominee Director of the Company and accepted resignation of Ms. Poonam Garg as Nominee Director of the Company.

The Extra-Ordinary General Meeting of the Members of the Company will be held on January 09, 2014, in order to accord their consent to issue 15,00,000 (Fifteen Lakhs) warrants to Promoter and Promoter Group, Notice for calling Extra-Ordinary General Meeting will be sent to all the Shareholders of the Company shortly.

Shares of Shakti Pumps India Ltd was last trading in BSE at Rs.73.25, down by Rs.1.95 or 2.59%. The stock hit an intraday high of Rs.76.15 and low of Rs.72.75.

The total traded quantity was 0.20 lakhs as compared to 2 week average of 0.44 lakhs.

Source : Equity Bulls

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