Garden Silk Mills Ltd approves issue of 1956400 shares

The Board of Directors of Garden Silk Mills Ltd at its meeting held on March 18, 2015, has approved the proposal for issue and allotment of 1956400 equity shares of Rs. 10 each fully paid up at a premium of Rs. 25.78 per share on conversion of 1487147 0.001% OCCPS issued for a consideration of Rs.7.00 crore in favour of promoter group.

Consequent to the said allotment, the paid up equity share capital of the Company has increased from 40132665 equity shares of Rs.10 each aggregating to Rs.40,13,26,650 to 42089065 equity shares of Rs. 10 each aggregating to Rs.42,08,90,650.

The aforesaid equity shares so allotted on conversion of OCCPS shall be locked-in for a period of 3 (three) years from the date of allotment in terms of SEBI (ICDR) Regulations 2009 and rank pari passu in all respects with the existing fully paid up equity shares of the Company.

Shares of GARDEN SILK MILLS LTD. was last trading in BSE at Rs.26.65 as compared to the previous close of Rs. 28.45. The total number of shares traded during the day was 12042 in over 295 trades.

The stock hit an intraday high of Rs. 29 and intraday low of 26.55. The net turnover during the day was Rs. 325827.

Source : Equity Bulls

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