Ruchi Soya to issue 3 crore shares to FIIs

Ruchi Soya Industries Ltd has announced that the Board of Directors of the Company at its meeting held on April 29, 2009, inter alia, has approved issue of 3,00,00,000 equity share of Rs 2/- each on preferential basis to FIIs in accordance with the provisions of Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000.

Further, the Board has approved issue of 7,00,00,000 warrants (each warrant being convertible into one equity share of Rs 2/-) on preferential basis to Promoters, their relatives and associates in accordance with the provisions of Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000.

The Board has also approved revision in issue price of 54,71,000 options under an Employees Stock Option Scheme 2007 of the Company.

The Board has called an extra-ordinary general meeting on May 29, 2009 for taking the approval of shareholders in accordance with the provisions of Section 81 (1A) of the Companies Act, 1956 for the issue of equity shares and warrants on preferential basis and for revision in issue price of employee stock options.

The stock closed on April 29, 2009 at Rs.28.05. The stock hit an intraday high of Rs.28.90 and low of Rs.27.70.

The total traded quantity was 61159 compared to 2 week average of 455016.

Source : Equity Bulls

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