Dujodwala Paper Chemicals to issue 293000 shares to Blue Orange Entertainment Pvt Ltd

Dujodwala Paper Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on February 27, 2009, inter alia, has been decided to issue 293000 Equity Shares or Rs 10/- each to Blue Orange Entertainment Pvt. Ltd. (a Company falls in Promoter Group), through a preferential offer on a private placement basis at a price not less than a minimum price as may be determined in accordance with the SEBI guidelines for preferential issue with respect to the relevant date that is February 23, 2009 which is 30 days prior to the date of the Extra Ordinary General Meeting to be held March 25, 2009.

The Board has decided to convene an Extra Ordinary General Meeting of the Members of the Company on March 25, 2009 to obtain consent of the members for propose issue of Equity Shares.

The object of the preferential issue is to raise the funds to part finance the Working Capital requirement of the Company.

The stock closed the day at Rs.4.70, down by Rs.0.26 or 5.24%. The stock hit an intraday high of Rs.4.90 and low of Rs.4.70.

The total traded quantity was 1000 compared to 2 week average of 707.

Source : Equity Bulls

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