Jain Studios EGM approves issue of shares

Jain Studios Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 25, 2007, inter alia, have accorded to the following:

1. Re-classification of the Authorised Share Capital of the Company from Rs 30,50,00,000 divided into 2,05,00,000 Equity shares of Rs 10/- each only and 10,00,000 Preference Shares of Rs 100/- each only to Rs 30,50,00,000 divided into 3,05,00,000 Equity shares of Rs 10/- each only be re-classification of existing 10,00,000 Preference Shares of Rs 100/- each only into 100,00,000 Equity Shares of Rs 10/ each and consequential amendments on the Memorandum & Articles of Association of the Company.

2. Authority to the Board to offer, issue and allot in one or more trenches upto 1,15,94,203 equity shares on preferential basis to the promoters, at a price of Rs 17.25/- per share (considering the nominal value of per share as Rs 10/- and premium of Rs 7.25/- per share) determined in accordance with the provisions of SEBI (Disclosure & Investor Protection) Guidelines, 2000 and subsequent modifications, if any, thereto in force, as on the date of the notice convening the Extra Ordinary General Meeting of the Company. For the purpose of determination of above price the relevant date adopted in terms of SEBI guidelines, is 30 days prior to the date on which the meeting of the General Body of shareholders is held, subject to necessary provisions & approvals.

The stock closed the day at Rs.17.15, up by Rs.0.10 or 0.59%. The stock hit an intraday high of Rs.17.50 and low of Rs.17. The total traded quantity was 7153 compared to 2 week average of 6113.

Source : Equity Bulls

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