BPL to issue 2425500 shares to Deutsche Bank AG

BPL Ltd has announced that the Board of Directors of the Company at its meeting held on September 26, 2008, inter alia, has approved the Preferential issue of 24,25,500 equity shares and / or instruments convertible into equity shares at a later date to Deutsche Bank AG and / or their Affiliates, subject to the approval of shareholders and iIssue of securities on Qualified Institutional Placement (QIP) basis, subject to the approval of shareholders.

Further the Company has informed that, the Board has further authorised the increase of authorised share capital and holding an Extra Ordinary General Meeting of the Company, to seek members approval for the above proposals.

The stock was trading at Rs.31.95, down by Rs.2.45 or 7.12%. The stock hit an intraday high of Rs.35.40 and low of Rs.31.

The total traded quantity was 186699 compared to 2 week average of 55436.

Source : Equity Bulls

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