UB Engineering allots shares on Rights Basis

UB Engineering Ltd has announced that in response to the Letter of Offer dated December 28, 2007 for issue and allotment of 47,40,819 Equity shares Rs 10 each for cash at a price of Rs 126/- (including a Share Premium of Rs 116/-) per equity share aggregating to Rs 59,73,43,194/- on Rights basis to the Existing Equity Shareholders of the Company in the Ratio of 5 Fully paid-up Equity Share for every 13 fully paid up Equity shares held on the Record date i.e. December 26, 2007. The Issue is subscribed fully.

In terms of the "BASIS OF ALLOTMENT" approved by the Stock Exchange, the Committee of Directors (CoD) of the Company at its meeting held on February 26, 2008, has allotted 47,40,819 Equity Shares of Rs 10 each for Cash at a Price of Rs 126/- per Equity Share Aggregating to Rs 59,73,43,194/- to the shareholders as on the Record Date on Rights basis.

Consequent upon the allotment of equity shares to the aforesaid Shareholders on Rights basis, the total issued and paid up capital of the Company stands increased to Rs 17,06,69,490 divided into 1,70,66,949 equity shares of Rs 10 each.

Source : Equity Bulls

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