Aastamangalam Finance Ltd board approves preferential issue at Rs. 40 per share

The Board of Directors of Aastamangalam Finance Ltd, at their meeting held on January 18, 2023, has considered, discussed and approved the increase in Authorised capital of the company from Rs.10,00,00,000/- (Rupees Ten Crores Only) divided into 50,00,000 (Fifty Lakhs) equity shares of Rs.10/- (Rupees Ten) each and 5,00,000 (Five Lakhs) Cumulative Redeemable Preference Shares of Rs. 100/- (Rupees Hundred) each to Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) divided into 1,00,00,000 (One Crore) equity shares of Rs. 10/- (Rupees Ten) each and 5,00,000 (Five Lakhs) Cumulative Redeemable Preference Shares of Rs.100/- (Rupees Hundred) each by creation of additional 50,00,000 (Fifty Lakhs) equity shares of Rs.10/- (Rupees Ten) each."

The board approved alteration of the Capital Clause of the Memorandum of Association and Articles of Association of the Company subject to approval of the shareholders of the Company.

Subject to the approval of the shareholders, issue and allot 52,50,000 Equity Shares of face value Re. 10/- per share at a price of Rs. 40/- (including premium of Rs. 30/-) for cash to Promoters and Non-Promoters on preferential basis in accordance with applicable provisions of the Companies Act, 2013 (including any statutory modification or re-enactment thereof for time being in force) and the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 and subsequent amendments thereto.

Shares of Aastamangalam Finance Ltd., was last trading in BSE at Rs. 25.71 as compared to the previous close of Rs. 24.49. The total number of shares traded during the day was 92123 in over 38 trades.

The stock hit an intraday high of Rs. 25.71 and intraday low of 25.71. The net turnover during the day was Rs. 2368482.00.

Source : Equity Bulls

Keywords

INE819K01014 AastamangalamFinance PreferentialIssue FundRaising INR40