Logix Microsystems approves allotment of shares

Logix Microsystems Ltd has announced that the Board of Directors of the Company at its meeting held on September 05, 2008, inter alia, has approved the Preferential Issue of 1,25,000 Equity Shares of Rs 10/- each as Stock Swap to the holder of AOA Izmo LLC at a price of Rs 320/- including premium of Rs 310/- per Share; This is a rejoinder to the earlier resolution passed in the Extra-ordinary General Meeting held on January 05, 2008 wherein the same item was considered but could not be implemented due to varied technical reasons.

The Board approved the reduction of Share Capital by 2,00,000 Equity Shares of face value of Rs 10/- each due to technical reasons, subject to procedural aspects.

The stock closed on Friday at Rs.113.15, down by Rs.5.50 or 4.64%.

The stock hit an intraday high of Rs.122.50 and low of Rs.112.75. The total traded quantity was 1122 compared to 2 week average of 733.

Source : Equity Bulls

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