Ahluwalia Contracts (India) Ltd approves preferential allotment

The Board of Directors of Ahluwalia Contracts (India) Ltd at its meeting held on July 01, 2014, has approved the Preferential allotment of equity shares to the promoters of the Company for a value not exceeding Rs. 50.00 Crores.

The Board approved the Draft letter of offer(PAS-4) and reviewed the existing borrowing limit of the Company under section 180(1)( c) of the Companies Act, 2013.

The Board approved review of providing/Creation of charge, security under Section 180(1)(a) of the Companies Act, 2013 in connection with the existing borrowing limit of the Company.

The Board approved the Postal ballot notice for passing the requisite resolutions through postal ballot as per the provisions of Section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management & Administration) Rules, 2014.

The Board also approved the postponement of the proposed right issue under section 81(1) & 81(1A) of the Companies Act, 1956 & as approved by the Board on October 25, 2013 and by the shareholders on December 09, 2013.

Shares of AHLUWALIA CONTRACTS (INDIA) LTD. was last trading in BSE at Rs.125.3 as compared to the previous close of Rs. 117.2. The total number of shares traded during the day was 131862 in over 3328 trades.

The stock hit an intraday high of Rs. 128 and intraday low of 115.5. The net turnover during the day was Rs. 16354703.

Source : Equity Bulls

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