Wanbury Limited board approves preferential issue to raise funds for debt settlement

The board of directors of Wanbury Limited at its meeting held today, i.e. on Saturday, 20th February, 2021, has approved the reclassification of existing Authorised Share Capital of the Company from Rs. 50,00,00,000/- (Rupees Fifty Crore only) divided into 3,00,00,000 (Three Crore) Equity Shares of Rs. 10/- (Rupees Ten only) each and 20,00,000 (Twenty Lakhs preference shares of Rs.100/- (Rupees One Hundred only) each to Rs. 50,00,00,000/- (Rupees Fifty Crore only) divided into 5,00,00,000 (Five Crore) Equity shares of Rs.10/- (Rupees Ten only) each and consequent alteration of Memorandum of Association.

The board approved issue and allotment of 76,15,381 Equity Shares through Preferential Issue to investors at a price of Rs. 65 per share aggregating to Rs. 49,49,99,765, for settlement of debt with Lender/s, subject to the approval of members at the general meeting and in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable law for the preferential allotment.

The Board of Directors of the Company has approved conducting EGM on Saturday, 20th March, 2021 for seeking approval of the shareholders of the Company for the above proposals, and in this regard, Ms. Kala Agarwal, Practicing Company Secretaries is appointed to act as scrutinizer for conducting the ballot voting and remote e-voting at the EGM.

Shares of WANBURY LTD. was last trading in BSE at Rs.78.3 as compared to the previous close of Rs. 74.6. The total number of shares traded during the day was 28483 in over 243 trades.

The stock hit an intraday high of Rs. 78.3 and intraday low of 73. The net turnover during the day was Rs. 2205428.

Source : Equity Bulls

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