Nitin Spinners approves preferential issue of 50 lakh shares

Nitin Spinners Ltd has announced that in pursuant to the conditions stipulated by Lenders under Corporate Debt Restructuring (CDR) package of the Company, which is under finalisation by CDR Cell, and also to augment the long term funds the Board of Directors of the Company at its meeting held on May 09, 2009, has approved issuance of 50,00,000 (Fifty Lacs) fully paid Equity Shares of Rs 10/- each to Promoters / Promoters' Group on preferential basis at par or the average of the weekly high and low of the closing prices of the Company's shares quoted on the stock exchange during the six months preceding the relevant date or the average of the high and low of the closing prices of the Company's shares quoted on the stock exchange during the two weeks preceding the relevant date whichever is higher.

The issuance of aforesaid equity shares are subject to approval of shareholders and / or other approvals as may be required in this regard.

The stock closed on May 8, 2009 at Rs.5.08, up by Rs.0.04 or 0.79%. The stock hit an intraday high of Rs.5.50 and low of Rs.4.90.

The total traded quantity was 17140 compared to 2 week average of 10303.

Source : Equity Bulls

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