Chennai Petroleum Corporation Ltd approves allotment of NCCRPS to Indian Oil Corporation Limited

Based on the Special Resolution passed by the Shareholders of Chennai Petroleum Corporation Ltd as per the provisions of Section 55 of the Companies Act 2013 dated July 16, 2015 through Postal Ballot and Letter of Offer dated July 31, 2015 / Amendment to Letter of Offer dated August 11, 2015, the Committee of Directors constituted by the Board of Directors, vide resolution dated September 24, 2015, have accorded approval for allotment of 100,00,00,000 Non-convertible Cumulative Redeemable Preference Shares (NCCRP shares) of Rs. 10/- each for cash at par amounting to Rs. 1000 crore to Indian Oil Corporation Limited on Private Placement Preferential Allotment Basis subsequent to receipt of subscription amount.

Shares of CHENNAI PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.224.65 as compared to the previous close of Rs. 226.8. The total number of shares traded during the day was 272842 in over 4470 trades.

The stock hit an intraday high of Rs. 231.7 and intraday low of 223.5. The net turnover during the day was Rs. 62062661.

Source : Equity Bulls

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