Saregama India to issue 27.27 lakh shares

Saregama India Ltd has announced that the Board of Directors of the Company at its meeting held on June 08, 2009, has decided to issue 27,27,000 equity shares of Rs 10/- each on preferential basis and seek approval of the shareholders by means of postal ballot pursuant to Section 192A read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 for issuance of equity shares of the Company in terms of Section 81 (1A) of the Companies Act, 1956 and in accordance with the Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000 and as amended upto date.

The stock closed the day at Rs.99.55, down by Rs.10.30 or 9.38%. The stock hit an intraday high of Rs.113.40 and low of Rs.98.90.

The total traded quantity was 9013 compared to 2 week average of 20818.

Source : Equity Bulls

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