Jhaveri Flexo to issue 3035000 shares

Jhaveri Flexo India Ltd has announced that the Board of Directors of the Company at its meeting held on August 08, 2008, has decided to issue 30,35,000 Equity Shares of the Company having face value of Rs 5/- each on preferential basis @ Rs 60.00 per share as determined in accordance with chapter XIII of SEBI (DIP) Guidelines 2000 to some strategic investors for compliance with the clause 40A of the Listing Agreement i.e. to raise the public shareholding in the Company to the required minimum level and inter-alia to raise funds for its expansion plans and to meet long term working capital requirement of the Company. The matter will be placed before the ensuing Annual General Meeting to be held on September 08, 2008 for obtaining the shareholders' approval.

Source : Equity Bulls

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