Videocon Industries to seek shareholder approval for preferential issue

Videocon Industries Ltd has announced that the Board of Directors of the Company have, on April 02, 2009, recommended the proposal to seek shareholders approval vide postal ballot for issue of 1,17,65,000 warrants on preferential basis, with an option to convert into one Equity Share each within 18 months from the date of allotment, to Bennett, Coleman & Company Ltd at a price of Rs 170/- per equity share.

Te Board has also sought approval for alteration of Clause 6 i.e., the Objects Incidental or Ancillary to the attainment of the main objects of the Memorandum of Association and authorisation to the Board of Directors u/s. 293(1)(a) of the Companies Act,1956.

The stock was trading at Rs.100.45, up by Rs.7.35 or 7.89%. The stock hit an intraday high of Rs.103 and low of Rs.94.70.

The total traded quantity was 1039270 compared to 2 week average of 378764.

Source : Equity Bulls

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