Vertex Securities Ltd to issue 21440029 shares

The Board of Directors of Vertex Securities Ltd at its meeting held on February 22, 2016, have decided to issue 21,440,029 Equity Shares of face value of Rs.2/- at a price of Rs.3.05 per share (i.e. a premium of Rs. 1.05 per share) to 28 number of Individual Investors on preferential allotment basis, being 22.52% of the post issue equity share capital of the Company subject to the approval of the members of the Company in General Meeting by way of special resolution as required to be passed under the provisions of the Companies Act, 2013 as well as such other provisions of SEBI (Disclosure and Investor Protection) Guidelines and such other approvals, consent, sanction etc. as may be required for this purpose.

This preferential allotment is consideration for acquisition of 5,717,341 equity and preference shares of Sharewealth Securities Limited representing 51.89% of its paid up capital.

An Extra Ordinary General Meeting of the Shareholders of the Company through postal ballot will be convened on March 24, 2016 for this purpose.

Shares of VERTEX SECURITIES LTD. was last trading in BSE at Rs.3.24 as compared to the previous close of Rs. 3.09. The total number of shares traded during the day was 102946 in over 53 trades.

The stock hit an intraday high of Rs. 3.24 and intraday low of 3.2. The net turnover during the day was Rs. 333251.

Source : Equity Bulls

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