Ritesh Properties seeks EGM approval for issue of shares to NDTV

Ritesh Properties & Industries Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on February 27, 2008, inter alia, to issue, offer and allot from time to time in one or more tranches through preferential allotment route 1,92,308 equity shares of Rs 10/- each at a premium of Rs 120/- each to New Delhi Television Ltd (NDTV) or such other persons and entities as may be deemed fit by Board of Directors. Such allotment shall be made in accordance with the extant SEBI Guidelines including lock-in period as may be specified in the prevailing guidelines. The equity shares proposed to be allotted on preferential basis would be issued at a price of Rs 130/- per share, the price determined as per SEBI Guidelines, subject to necessary provisions & approvals.

The "relevant date" in relation to the shares for the purpose would be January 28, 2008 being the date 30 days prior to the date on which the meeting of the general body of shareholders is held.

The stock closed the day at Rs.83.35, down by Rs.4.35 or 4.96%. The stock hit an intraday high of Rs.85 and low of Rs.83.35.

The total traded quantity was 2465 compared to 2 week average of 11097.

Source : Equity Bulls

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