IOL Chemicals & Pharmaceuticals Ltd seeks EGM nod for preferential issue

The Board of Directors of IOL Chemicals & Pharmaceuticals Ltd at its meeting held on May 21, 2014 has approved the increase in the Authorised Share Capital of the Company from Rs 54 crores to Rs 80 crores.

The Board approved issue of upto 50,00,000 equity shares of face value Rs. 10/- each and issue of upto 1,10,00,000 equity warrants, carrying an option to the holder of such warrants to subscribe to one equity share of face value of Rs 10/- each for each warrant held within 18 months from the date of allotment of the warrants, on preferential basis, as per the SEBI (ICDR ) Regulations to the Non-Promoters.

The Board also approved proposal for preponing the redemption of 1,50,10,000,1% Non Cumulative Redeemable Preference Shares of face value of Rs 10/- each issued to the promoter group companies and 50,00,000,7% Non Cumulative Redeemable Preference Shares of face value of Rs 10/- each issued to non promoters by way of issue equity share of Rs.10/- each as per the SEBI (ICDR) Regulations.

An Extra-ordinary General Meeting will be held on June 20, 2014.

Shares of IOL CHEMICALS & PHARMACEUTICALS LTD. was last trading in BSE at Rs.38.35 as compared to the previous close of Rs. 38.5. The total number of shares traded during the day was 21396 in over 123 trades.

The stock hit an intraday high of Rs. 39.7 and intraday low of 37.3. The net turnover during the day was Rs. 813769.

Source : Equity Bulls

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