Elango Industries Ltd board approves preferential issue at Rs. 13.41 per share to promoter

The Board of Directors of Elango Industries Ltd at its meeting today, i.e., Tuesday, July 20, 2021, has considered and approved increasing of Authorised Share Capital of the Company from Rs. 4,00,00,000 (Rupees Four Crores only) divided into 40,00,000 (Forty Lakhs only) equity shares of Rs. 10 (Rupees Ten only) to Rs. 5,00,00,000 (Rupees Five Crores) divided into 50,00,000 (Fifty Lakhs only) equity shares of Rs. 10 (Rupees Ten only) and alter the Memorandum of Association accordingly; subject to approval of the shareholders in the ensuing Annual General Meeting.

The board also approved the proposal for raising funds through allotment and issue of 2,70,850 equity shares at a price of Rs. 13.41 per share aggregating to Rs. 36,32,098 (Rupees Thirty Six Lakhs Thirty Two Thousand Ninety Eight only) to S Elangovan (promoter) on a preferential basis (Preferential Allotment). This transaction is subject to the approval of shareholders at the ensuing Annual General Meeting.

Shares of ELANGO INDUSTRIES LTD. was last trading in BSE at Rs.8.25 as compared to the previous close of Rs. 7.86. The total number of shares traded during the day was 8371 in over 38 trades.

The stock hit an intraday high of Rs. 8.25 and intraday low of 8.25. The net turnover during the day was Rs. 69060.

Source : Equity Bulls

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