Mindteck India allots 156863 Shares on Preferential Basis

Mindteck India Ltd has announced that pursuant to the in-principle approval received from stock exchange dated February 13, 2009, the Company's Board on February 24, 2009 has approved and allotted 100,000 equity shares of Rs 10/- each on a preferential basis at a price of Rs 124.20 per share (i.e. at a premium of Rs 114.20 per share) to the shareholders of Chendle Holdings Ltd. towards the acquisition of the said Company, which was effected on April 01, 2008. Further, pursuant to the said In-principle Approval, the Company has simultaneously allotted 56,863 equity shares of Rs 10/- each at a price of Rs 73.54/- per share to Mr. Bassam Jabr, Financial Investor, on cash consideration basis.

Following this allotment, the share holding of Embetch Holdings Ltd (the Promoter Company), in the Company stands reduced from 65.30% to 65.29%.

The stock was trading at Rs.14.80, up by Rs.0.05 or 0.34%. The stock hit an intraday high of Rs.14.80 and low of Rs.13.55.

The total traded quantity was 900 compared to 2 week average of 1103.

Source : Equity Bulls

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