Jamna Auto to setup new manufacturing facility at Jamshedpur

Jamna Auto Industries Ltd has announced that the Board of Directors of the Company at its meeting held on June 27, 2007, inter alia, has approved the following:

1. Setting up manufacturing facility at Jamshedpur, Jharkhand.

2. Allotment of 5,555,555 Compulsorily Fully Convertible Debenture of Rs 72/- each to Clearwater Capital Partners (Cyrus) Ltd.

3. Allotment of 3,099,300 equity shares to Clearwater Capital Partners (Cyprus) Ltd consequent upon conversion of 3,099,300 Compulsorily Fully Convertible Debenture into 3,099,300 equity shares of Rs 10/- at a premium of Rs 62/- each per equity share.

4. Allotment of 2,083,333 Convertible warrants of Rs 72/- each to MAP Auto Ltd.

5. Scheme of Merger of Jai Parabolic Springs Ltd and MAP Springs Ltd into the Company with the following swap ratio:

(a) One equity share of Rs 10/- each in the Company for every two equity shares of Rs 10/- each of Jai Parabolic Springs Ltd.

(b) One equity share of Rs 10/- each in the Company for every two equity shares of Rs 1/- each of MAP Springs Ltd.

The stock was trading at Rs.46.10, up by Rs.2.15 or 4.89%. The stock hit an intraday high of Rs.46.10 and low of Rs.43.40. The total traded quantity was 6375 compared to 2 week average of 7986.

Source : Equity Bulls

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