Mayur Uniquoters Ltd to seek shareholder nod for issue of CCPPS to WestBridge

The Board of Directors of Mayur Uniquoters Ltd at its meeting held on March 19, 2014, has considered and approved the increase in authorised share capital and reclassification of authorised share capital and consequent amendments to memorandum of association and Article of Association of the Company and the preferential issuance of up to 14,86,000 compulsorily convertible participating preference shares ("CCPPS") at a price of Rs. 471/06 (Rupees Four Hundred and Seventy One and Paisa Six Only) to WestBridge Crossover Fund, LLC on preferential basis. The purpose for raising the capital is to augment the resources of the Company for general corporate and capital expansion purposes, including setting up a PU Plant, and other such purposes permitted by applicable law and approved by the Board of Directors.

Both the above proposals are subject to shareholders approval and other necessary approvals.

Shares of MAYUR UNIQUOTERS LTD. was last trading in BSE at Rs.469 as compared to the previous close of Rs. 463.85. The total number of shares traded during the day was 4003 in over 239 trades.

The stock hit an intraday high of Rs. 472 and intraday low of 464.65. The net turnover during the day was Rs. 1881749.

Source : Equity Bulls

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