Ruchi Soya seeks EGM approval for preferential issue

Ruchi Soya Industries Ltd has announced that the Board of Directors of the Company at its meeting held on May 19, 2009, inter alia, has reconsidered and approved the issue of 3,00,00,000 equity shares of Rs 2/- each at a premium of Rs 33.00 per share, on preferential basis to FIIs in accordance with the provisions of Chapter XIII of the SEBI (Disclosure & investor Protection) Guidelines, 2000.

The Board approved the issue of 7,00,00,000 warrants (each warrant being convertible into one equity share of Rs 2/-) at a price of Rs 35.00 per warrant, 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 also approved the revision in issue price of 54,71,000 options issued under an Employees Stock Option Scheme 2007 of the Company.

The Board has called an extra-ordinary general meeting on June 16, 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 the day at Rs.40.30, up by Rs.2.50 or 6.61%. The stock hit an intraday high of Rs.42.90 and low of Rs.37.

The total traded quantity was 1044498 compared to 2 week average of 324438.

Source : Equity Bulls

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