Rane Brake Lining allots 700000 equity shares to Nisshinbo Industries

Rane Brake Lining Ltd has announced that the Company has allotted 700,000 equity shares of Rs 10/- each issued at a premium of Rs 40/- per share under the preferential issue of shares on private placement basis to M/s. Nisshinbo Industries Inc., Japan (NII) the foreign collaborators to the Company, on April 13, 2009. After this allotment, the total share holding of NII has become 1,421,500 shares representing 17.96% on the enhanced paid-up capital of 7,914,980 shares.

In terms of the Shareholders Agreement executed among Nil, Rane Holdings Ltd, the promoters, and the Company, NII would become one of the persons in control of the Company when their shareholding in the Company increases to 17.5% and NII would become one of the promoters of the Company.

Since, after this allotment, NII's shareholding has increased to 17.96%, they would be treated as one of the promoters of the Company.

The stock closed the day at Rs.49.45, up by Rs.1.45 or 3.02%. The stock hit an intraday high of Rs.50 and low of Rs.47.55.

The total traded quantity was 2866 compared to 2 week average of 1023.

Source : Equity Bulls

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