Neha International to acquire Floriculture Unis in Ethiopia

Neha International Ltd has announced that the Board of Directors of the Company at its meeting held on September 13, 2007, inter alia, has considered & approved to acquire 100% stake in an overseas company which has substantial stake in 3 Floriculture Units based in Ethiopia by way of Share Swap and Cash.

The Board also approved further issue of Equity Shares and Convertible Share Warrants, on preferential basis, to promoters and others, at a price of Rs 42/- (inclusive of premium Rs 32/-) as per SEBI Guidelines.

The Authorized Capital will be increased to Rs 20 Crores and consequential alteration in Memorandum and Articles of Association.

The stock closed the day at Rs.45.65, up by Rs.2.15 or 4.94%. The stock hit an intraday high of Rs.45.65 and low of Rs.42.10. The total traded quantity was 18000 compared to 2 week average of 5170.

Source : Equity Bulls

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