Dujodwala Paper to issue shares on preferential basis to promoter group

Dujodwala Paper Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on February 26, 2008, inter alia, has decided to issue 270000 Equity Shares of Rs 10/- each to Blue Orange Entertainment Pvt Ltd (a Company falls in Promoter Group), through a preferential offer on a private placement basis at a price not less than a minimum price as may be determined in accordance with the SEBI guidelines for preferential issue with respect to the relevant date that is February 24, 2008 which is 30 days prior to the date of the Extra Ordinary General Meeting to be held on March 25, 2008.

The Board has decided to convene an Extra Ordinary General Meeting of the Members of the Company on March 25, 2008 to obtain consent of the members for propose issue of Equity Shares.

The object of the preferential issue is to raise the funds to part finance the expansion programme of the Company by increasing the manufacturing capacity at its existing plant at Atkargaon in Khopoli and by setting up a new plant in Jammu & Kashmir.

Source : Equity Bulls

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