Rane Madras Ltd approves preferential issue of 1096892 shares

The board of directors of Rane Madras Ltd at its meeting held today August 5, 2017 has considered and approved the preferential issue securities to Rane Holdings Limited (belonging to the Promoter and promoter group) as below:

(a) 10,96,892 equity shares of face value of Rs.10/- each, fully paid up, for cash, at a price of Rs.547/- each;

(b) 3,65,630 warrants of face value of Rs.10/- each, for cash, at a price of Rs. 547/- each, convertible into 3,65,630 Equity shares of face value of Rs.10/- each, fully paid up at a price of Rs. 547/- per share at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment.

The Board approved convening of an EGM of the members on September 1, 2017 for the aforementioned preferential issue of equity shares and warrants. The relevant date for the preferential issue shall be Thursday, August 2, 2017.

The meeting of the board of directors commenced at 09.45 hrs. and concluded at 11.50 hrs. (IST).

Shares of RANE (MADRAS) LTD. was last trading in BSE at Rs.513.95 as compared to the previous close of Rs. 521.7. The total number of shares traded during the day was 2006 in over 73 trades.

The stock hit an intraday high of Rs. 524.8 and intraday low of 505. The net turnover during the day was Rs. 1022271.

Source : Equity Bulls

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