TeleCanor Global approves preferential issue to Hemant Kumar Gupta

TeleCanor Global Ltd has announced that the Board of Directors of the Company at its meeting held on May 22, 2009, inter alia, has resolved to issue 7,84,000 Equity Shares on preferential allotment basis in accordance with SEBI - DIP Guidelines 2000 to Mr. Hemant Kumar Gupta an Independent non-promoter investor and other non-promoter investors for funding the proposed "Payment Gateway, VAS and Voice-hosting Projects" of the Company.

The Board also resolved to issue 12,00,000 Equity Share Warrants which will be convertible into fully paid Equity Shares of the Company at a later date on preferential allotment basis in accordance with SEBI - DIP Guidelines 2000 to Mr. Hemant Kumar Gupta an Independent non-promoter investor for funding the proposed "Payment Gateway, VAS and Voice-Hosting Projects" of the Company.

The Board approved proposal to convene an Extra Ordinary General Meeting of the shareholders of the Company on June 22, 2009 for obtaining the approval from the shareholders for the issue of above Equity Shares and Equity Warrants on preferential basis to Mr. Hemant Kumar Gupta and other independent investors in accordance with SEBI DIP Guidelines 2000.

The stock closed the day at Rs.18.50, up by Rs.0.16 or 0.87%. The stock hit an intraday high of Rs.19.20 and low of Rs.17.56.

The total traded quantity was 15352 compared to 2 week average of 15817.

Source : Equity Bulls

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