Shriram City Union Finance Ltd to seek EGM nod for issue of shares to Piramal Enterprises Ltd

The Board of Directors of Shriram City Union Finance Ltd at its meeting held on April 30, 2014, have subject to the approval of shareholders, approved issue of upto 65,79,840 Equity Shares of Rs. 10.00 each to Piramal Enterprises Ltd for cash on Preferential basis at a price of Rs. 1200.00 per share (including a premium of Rs. 1190.00 per equity share) which is the price higher than the price determined in accordance with the Regulation 76(1) of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. The relevant date for this purpose being April 30, 2014.

It was also decided to convene an Extraordinary General Meeting to obtain the approval of Shareholders with regard to the above on May 30, 2014 at 10.00 A M at Narada Gana Sabha ('Mini Hall'), 314, TTK Road, Alwarpet, Chennai 600 018.

Shares of SHRIRAM CITY UNION FINANCE LTD. was last trading in BSE at Rs.1186 as compared to the previous close of Rs. 1125.55. The total number of shares traded during the day was 493 in over 266 trades.

The stock hit an intraday high of Rs. 1195.8 and intraday low of 1145.1. The net turnover during the day was Rs. 577476.

Source : Equity Bulls

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