Valiant Communications approves preferential allotment of 600000 shares

Valiant Communications Ltd has announced that the Board of Directors of the Company at its meeting held on January 12, 2008, subject to the approval of Members, has approved the preferential allotment of 600000 equity shares having face value of Rs 10/- at Rs 55/- including share premium of Rs 45/- each shall rank pari passu with existing equity share capital, to Ostrich Estate Pvt Ltd, an Indian Company, promoted by Mr. Siddharth Sareen, an Executive Director from Promoter Group of Emaar MGF Land Ltd.

Further the Company has informed that, an Extra Ordinary General Meeting of the Members of the Company will be held on February 06, 2008.

The stock closed on Friday at Rs.52.85, down by Rs.3.65 or 6.46%. The stock hit an intraday high of Rs.58.50 and low of Rs.51.50.

The total traded quantity was 42762 compared to 2 week average of 83042.

Source : Equity Bulls

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