Kirloskar Electric Company Ltd approves issue of shares, CCPS

The Board of Directors of Kirloskar Electric Company Ltd at its meeting held on January 20, 2015, have approved the proposals subject to the approval of shareholders and any other approvals as may be required.

The Board approved issue of 26,58.200 Equity Shares of Rs. 10/- each to Mr. Vijay R. Kirloskar, Promoter on preferential basis, in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended from time to time.

The Board also approved the issue of 15,95,890 Compulsorily Convertible Preference Shares ("CCPS") of Rs. 100/- each in one or more tranches, to Mr. Vijay R. Kirloskar, Promoter by way of private placement, in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended from time to time.

Shares of Kirloskar Electric Company Ltd was last trading in BSE at Rs.30.4 as compared to the previous close of Rs. 30.95. The total number of shares traded during the day was 87080 in over 1223 trades.

The stock hit an intraday high of Rs. 34 and intraday low of 29.9. The net turnover during the day was Rs. 2845899.

Source : Equity Bulls

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