Rakesh Jhunjhunwala picks stake in Autoline Industries

The Board of Directors of Autoline Industries Ltd at its meeting held on May 07, 2008, has considered and approved the following preferential issue of upto 10,80,000 warrants, convertible into Equity shares to the Promoters and other Investors at a price of Rs 250/- per share (including premium of Rs 240/- per share) as per SEBI (DIP) Guidelines 2000 subject to approval of Shareholders at the ensuing Extra Ordinary General Meeting of the Company and also subject to all necessary approvals, consents, permissions and / or sanctions as may he necessary in this regard.

The company is also proposing a Preferential issue of upto 12,50,000 equity shares to Mr. Rakesh Jhunjhunwala - 5,00,000 Equity shares, Mrs. Rekha Jhunjhunwala - 5,00,000 Equity shares, Mr. Utpal Sheth - 1,25,000 equity shares and Mr. Amit Goela - 1,25,000 equity shares.

The issue of shares is at Rs 235/- per share (including a premium of Rs 225/- per share in pursuance of Chapter XIII of SEBI (DIP) Guidelines 2000 subject to approval of Shareholders at the ensuing Extra Ordinary General Meeting of the Company and also subject to all necessary approvals, consents, permissions and / or sanctions as may be necessary in this regard.

The stock closed on Wednesday at Rs 272, up by Rs 13.15 or 5.08%. The stock hit an intraday high of Rs 283.50 and low of Rs 251.

The total traded quantity was 1480685 compared to 2 week average of 240829.

Source : Equity Bulls

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