GEI Industrial Systems to issue 14.5 lakh shares at Rs 75

GEI Industrial Systems Ltd has announced that the Board of Directors of the Company at its meeting held on June 12, 2009, inter alia, has approved the issue of 14.50 lac Equity Shares of Rs 10/- each at a price of Rs 75/- per Equity share to Banyantree Growth Capital, L.L.C. on Preferential Allotment basis in accordance with SEBI (Disclosure and Investor Protection) Guidelines 2000 and any other applicable law in force, subject to execution of definitive agreements, necessary approvals from the shareholders and such other approvals as may be required.

The Board is exploring further investment in Companies engaged in allied business.

The Board approved constitution of the Investment Committee consisting of Mr. S C Duggal, Dr. Sudarshan Synghal and Mr. D Laxminarayan, Directors of the Company and delegated all the power to the said committee including finalising the Notice of Extra-ordinary General Meeting, terms and conditions of the issue, to consider further investment by the Company, appointment of legal counsel, advisors, negotiation and execution of definitive agreements, ensure compliances under the Listing Agreements, SEBI Act and Regulations, RBI/FEMA Act and Regulations and other regulatory compliances as may be required in this regard.

The stock closed the day at Rs.69.30, up by Rs.0.30 or 0.43%. The stock hit an intraday high of Rs.71.80 and low of Rs.68.

The total traded quantity was 75454 compared to 2 week average of 84538.

Source : Equity Bulls

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