Autolite India Board approves issue of shares at Rs.25

The Board of Directors of Autolite India Ltd at its meeting held on June 01, 2007, has taken the following decisions, subject to approval of members in the Extra-Ordinary General Meeting.

The meeting gave authority to the Board of Directors of the Company for Issuance of 380,000 equity shares of Rs 25/- each (face value of Rs 10/- each at a premium of Rs 15/-) per share on preferential basis to the Private Corporate Bodies falling under the promoters group subject to the SEBI Guidelines.

The Board alos authorized the Board of Directors of the Company for Issuance of 400,000 warrants convertible within 18 months at Rs 25/- per warrant convertible into one Equity Shares of Rs 10 at a premium of Rs 15/- per share on preferential basis to the Private Corporate Bodies falling under the promoters group subject to the SEBI Guidelines.

The stock closed the day at Rs.38.50, up by Rs.1.80 or 4.90%. The total traded quantity was 177341 compared to 2 week average of 179472. The stock hit an intraday high of Rs.38.50 and low of Rs.34.90.

Source : Equity Bulls

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