Wockhardt seeks EGM approval for Preference Share issue

Wockhardt Ltd has announced that the Board has decided to convene an Extraordinary General Meeting (EGM) of the members of the Company on January 19, 2009 to consider and approve the issue of Redeemable Preference Shares of Face Value of Rs 5/- each upto Rs 500 Crores.

To increase the Authorised Share Capital from Rs 125 Crores to Rs 175 Crores by creation of 10 Crore preference shares of Face Value of Rs 5/- each & consequential amendments in Memorandum and Articles of Association of the Company.

The Wockhardt stock was trading at Rs.107.15, up by Rs.2.95 or 2.83%. The stock hit an intraday high of Rs.110 and low of Rs.102.

The total traded quantity was 48130 compared to 2 week average of 50100.

Source : Equity Bulls

Keywords