Filatex India Board to approve issue of securities

Filatex India Ltd has announced that a meeting of the Board of Directors of the Company will be held on September 18, 2007, inter alia, to consider and approve the following in terms of the resolution passed by the Shareholders in the Annual General Meeting held on September 10, 2007:

1. Allotment of 1,25,00,000 Non-Convertible Cumulative Redeemable Preference Shares of Rs 10/- each to IDBI Ltd pursuant to the Negotiated Settlement of Dues with them.

2. Allotment of 8,41,397 Equity Shares of Rs 10/- each to IDBI Ltd at a price of Rs 23.77 per Share by way of Preferential issue pursuant to the Negotiated Settlement of Dues with them in accordance with the SEBI Guidelines in this regard.

3. Allotment of 40,00,000 Equity Shares of Rs 10/- each to Somerset India Fund, Dufflaghur Investments Ltd and Mr. Ashwani Khurana at a price of Rs 25 per Share by way of Preferential issue in accordance with the SEBI Guidelines in this regard.

The Stock was trading at Rs.25.05, up by Rs.0.05 or 0.20%. The stock hit an intraday high of Rs.26.50 and low of Rs.24.45. The total traded quantity was 7330 compared to 2 week average of 6512.

Source : Equity Bulls

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