Rane Brake Lining to issue 7 lakh shares at Rs 50

Rane Brake Lining Ltd has announced that the Board of Directors of the Company at its meeting held on February 28, 2009, has decided to issue 700,000 fully paid equity shares of Rs 10/- each at a premium of Rs 40/- per share for cash to M/s. Nisshinbo Industries Inc., Japan (NII - Foreign Collaborator to the Company) on preferential basis in terms of SEBI (Disclosure and Investor Protection) Guidelines, 2000.

To Obtain the approval of the shareholders for the preferential issue at an Extra-Ordinary General Meeting convened to be held on March 30, 2009.

The Stock closed on Friday at Rs.36.15, down by Rs.2.80 or 7.19%. The stock hit an intraday high of Rs.36.20 and low of Rs.36.15.

The total traded quantity was 100 compared to 2 week average of 181.

Source : Equity Bulls

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