Nirlon Ltd Board approves preferential issue of Rs. 78 crore

The Board of Directors of Nirlon Ltd at its meeting held on December 26, 2013, have approved, subject to the shareholders and other necessary approvals, a preferential issue upto Rs. 78.00 crore (inclusive of premium) pursuant to the provisions of Section 81(1A) of the Companies Act, 1956 and other applicable provisions, including Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended till date.

The approval of the shareholders for such issue will be sought by way of an extra ordinary general meeting to be held on January 27, 2014 at 11.00 a.m. at Pama Thadhani Auditorium, Jai Hind College Building, 'A' Road, Churchgate, Mumbai - 400 020.

Shares of Nirlon Ltd was last trading BSE at Rs.45.35, up by Rs.1.60 or 3.66%. The stock hit an intraday high of Rs.47.50 and intraday low of Rs.43.15.

The total traded quantity was 0.35 lakh shares as compared to 2 week average of 9897 shares.

Source : Equity Bulls

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