Hemant Gupta to be allotted 10 Lakh shares in Victory Projects

Victory Projects Ltd has announced that the Board of Directors of the Company at its meeting held on February 16, 2009, inter alia, has resolved to issue 10,00,000 equity shares on preferential allotment basis in accordance with SEBI - DIP Guidelines 2000 to Mr. Hemant Gupta, a non-promoter investor for funding the proposed "Payment Gateway, VAS and Voice-Hosting Projects" of the Company. The Investor has already released around 60% of the above investment money to the Company.

The Board of Director of the Company has resolved to convene an Extra Ordinary General Meeting of the shareholders of the Company on March 20, 2009 for obtaining the fresh approval from the shareholders for the issue of above 10,00,000 equity shares on preferential basis to Mr. Hemant Gupta in accordance with SEBI DIP Guidelines 2000 and such other matters as may be decided by the Board of Directors to include in the Notice of the Extra-ordinary General Meeting.

The stock was trading at Rs.10.01, down by Rs.0.34 or 3.26%. The stock hit an intraday high of Rs.10.96 and low of Rs.9.96.

The total traded quantity was 72 compared to 2 week average of 6715.

Source : Equity Bulls

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