Precision Containeurs to issue 4.99% stake to Cinorita Steels Pvt Ltd at Rs.41

Precision Containeurs Ltd has announced that with the ongoing conversation with some of strategic investors namely Cinorita Steels Pvt Ltd and with their keen interest in the Company for their equity participation the Board of Directors of the Company vide its meeting held on July 31, 2007 has decided to issue 1100000 Shares on an preferential basis which represents 4.99% of paid up equity capital of the Company at a price not less than Rs 41 per Share subject to necessary approvals. The said amount will be used for working capital as well as for upgradation of plant and machinery at Daman and also for takeover and acquisition of packaging units etc.

The Board of Directors of the Company has decided to call Annual General Meeting for the said purpose.

The Company is currently engaged in manufacturing of Plastic and Metal containers with Ultra Modern Technology. The Company has recently decided to expand its manufacturing facilities at Daman to capture the business from its prestigious clients like HPCL, ONGC, Reliance, Micro Inks to be named very few of them.

The stock closed the day at Rs.20.10, down by Rs.1.55 or 7.16%. The total traded quantity was 134241 compared to 2 week average of 183452. The stock hit an intraday high of Rs.22 and low of Rs.19.15.

Source : Equity Bulls

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