Cable Corporation allots 20 Lakh shares, redeems preference shares

Cable Corporation of India Ltd has announced that the Board of Directors of the Company at its meeting held on October 04, 2008, has approved the allotment of Equity shares as detailed below on preferential basis to the promoters as approved by the shareholders in their meeting held on September 23, 2008, under Section 81 (1A) and other applicable provisions if any, of the Companies Act, 1956.

Brinan Investments Pvt. Ltd was allotted 10,00,000 No of Shares and Rhiakoh Finance & Investments Pvt. Ltd was allotted 10,00,000 No of Shares.

The Board also approved the redemption of Preference shares from the proceeds received from the allotment of the equity shares as mentioned at Sr. No.1.

The stock was trading at Rs.16.45, down by Rs.1.65 or 9.12%. The stock hit an intraday high of Rs.18.95 and low of Rs.16.35.

The total traded quantity was 3965 compared to 2 week average of 8331.

Source : Equity Bulls

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