West Coast Paper Mills to issue 2373578 shares

West Coast Paper Mills Ltd has announced that the Board of Directors of the Company at its meeting held on May 27, 2009, has decided to issue 23,73,578 equity shares of the face value of Rs 2/- each to the persons / entities in the Promoter Group (SK Bangur Group) on preferential allotment basis, at Rs 48.45 per share, including premium of Rs 46.45 per share arrived at with respect to the relevant date i.e. May 27, 2009, as per SEBI Guidelines, subject to the approval of the shareholders in the Extra-ordinary General Meeting to be held on June 26, 2009.

The stock closed the day at Rs.56.15, up by Rs.1.95 or 3.60%. The stock hit an intraday high of Rs.59 and low of Rs.55.50.

The total traded quantity was 13616 compared to 2 week average of 19697.

Source : Equity Bulls

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