Ester Industries seeks approval for early redemption of Preference shares

Ester Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 19, 2009, inter alia, has decided to submit a resolution for seeking approval of preference shareholders u/s 106 of the Companies Act, 1956 for early redemption of 5,59,521 0.10% Redeemable Cumulative Preference Shares of Rs 50/- each at a discounted rate of 12% p.a. compounded annually which are due for redemption during the period December 31, 2011 to December 31, 2012 through the process of the Postal Ballot u/s 192A of the Companies Act, 1956 read with the Companies [Passing of resolution by Postal Ballot] Rules, 2001.

The stock was trading at Rs.9.92, down by Rs.0.59 or 5.61%. The stock hit an intraday high of Rs.10.35 and low of Rs.9.80.

The total traded quantity was 11630 compared to 2 week average of 23431.

Source : Equity Bulls

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