Siel to issues shares on preferential basis

Siel Ltd has announced that the Board of Directors of the Company at its meeting held on October 26, 2007, has decided to issue Equity Shares of Rs 10/- each upto Rs 15 crores (including premium) on preferential basis to the Promoters in terms of a CDR sanctioned package. The price at which these shares will be issued shall be determined in accordance with the Securities & Exchange Board of India Guidelines for Preferential Issue, subject to the approval of the Shareholders of the Company.

The shareholders approval will be obtained at the Extra-ordinary General Meeting scheduled to be held on December 12, 2007.

Source : Equity Bulls

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