Energy Development Company Ltd to issue 2 crore shares at Rs. 22

The Board of Directors of Energy Development Company Ltd at its meeting held on September 29, 2015, has decided and approved the increase in authorized share capital by creation of 1,50,00,000 equity shares of Rs. 10/- each, ranking pari passu with the existing equity shares and consequential amendment in Memorandum of Association of the Company.

The Board also approved the issue of 2,00,00,000 equity shares of Rs. 10/- each at a price of Rs.22/- per equity shares (including a premium of Rs. 12/- per equity share) on preferential basis to non-promoters / promoters / promoters group / associates of the Company.

The Board approved and authorized the holding of Extra-ordinary General Meeting of the Company on October 24, 2015 and approved the notice convening the meeting, for obtaining shareholders' consent to the increase in authorized capital, amendment in Memorandum of Association and the aforesaid issue of equity shares.

Shares of ENERGY DEVELOPMENT COMPANY LTD. was last trading in BSE at Rs.27.1 as compared to the previous close of Rs. 25.85. The total number of shares traded during the day was 68293 in over 235 trades.

The stock hit an intraday high of Rs. 27.1 and intraday low of 24.6. The net turnover during the day was Rs. 1794537.

Source : Equity Bulls

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