Valecha Engineering approves preferential issue of 16 lakh warrants

Valecha Engineering Ltd has announced that the Board of Directors of the Company at its meeting held on April 30, 2009, inter alia, has approved the issue on Preferential basis to the promoter / promoter groups and other entities in accordance with the 'Guidelines for Preferential Issues' contained in Chapter XIII of the Securities and Exchange Board of India (Disclosure and investor Protection) Guidelines, 2000, upto 16,00,000 warrants.

The Board has also approved convening of an Extraordinary General Meeting of the shareholders of the Company to be held on May 30, 2009, inter alia, for obtaining the requisite approval.

The Stock closed on April 29, 2009 day at Rs.40.90, up by Rs.3.70 or 9.95%. The stock hit an intraday high of Rs.40.90 and low of Rs.38.

The total traded quantity was 49101 compared to 2 week average of 20043.

Source : Equity Bulls

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