Wheels India Ltd Board approves Rights Issue through Circular resolution

The Board of Directors of Wheels India Ltd, by way of circular resolution dated December 16, 2013, approved the issue of equity shares on Rights basis for the purposes of complying with the minimum public shareholding requirements applicable to the Company, as stipulated by the Securities and Exchange Board of India, (the "SEBI"), by way of a rights offering to the public shareholders of the Company with the promoters and promoter group shareholders of the Company foregoing their rights entitlement, as permitted by the SEBI pursuant to the SEBI circular No. CIR/CFD/DIL/11/2012 dated August 29, 2012.

Shares of Wheels India Ltd was last trading in BSE at Rs.762.70, down by Rs.12.20 or 1.57%. The stock hit an intraday high of Rs.788.90 and low of Rs.760.

The total traded quantity was 2156 as compared to 2 week average of 6764.

Source : Equity Bulls

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