Time Technoplast Ltd approves preferential issue at Rs. 93.58

The Board of Directors of Time Technoplast Ltd at its meeting held on December 13, 2016, has considered and approved, proposed fund raising by issue of 16,029,000 Equity shares ("Issue Shares") of Rs. 1 each, on a preferential basis for cash at a price of Rs. 93.58/- (Rupees Ninety Three and Fifty Eight Paisa Only) per Issue Share aggregating upto Rs. 1,49,99,93,820/- (Rupees One Hundred Forty Nine Crore Ninety Nine Lakh Ninety Three Thousand Eight Hundred Twenty Only), including premium of Rs. 92.58/- (Rupees Ninety Two and Fifty Eight Paisa Only) per Issue Share, to the proposed non -promoters allottee ("Investor") in accordance with the provisions of the Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended, on such terms and conditions and in such manner, as the Board may, in its discretion, think fit ("Preferential Issue").

Further, the Board of Directors has decided to convene an Extra Ordinary General Meeting on January 07, 2017 for seeking approval of the shareholders of the Company for issuance of Equity Shares on Preferential basis in terms of Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended and Companies Act, 2013 read with relevant rules thereunder and other applicable provisions.

Shares of TIME TECHNOPLAST LTD. was last trading in BSE at Rs.101.7 as compared to the previous close of Rs. 99.2. The total number of shares traded during the day was 57414 in over 894 trades.

The stock hit an intraday high of Rs. 103 and intraday low of 97.5. The net turnover during the day was Rs. 5815047.

Source : Equity Bulls

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