Nagarjuna Fertilizers to re-issue 375151 shares

Nagarjuna Fertilizers & Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on July 23, 2009, inter alia, has considered and approved forfeiture of 3,75,151 equity shares of the face value of Rs 10/- each.

The Board has considered and approved, subject to the approval of its members at the 33rd Annual General Meeting scheduled to be held on September 17, 2009, re-issue of 3,75,151 equity shares of the face value of Rs 10/- each on preferential basis to one of the Core Promoters of the Company, Nagarjuna Holdings Pvt. Ltd at an issue price to be determined in accordance with SEBI (Disclosure and Investor Protection) Guidelines, 2000 - Guidelines for Preferential Issues which were forfeited by the Board of Directors of the Company.

The Board has considered and approved, subject to the approval of the members at the 33rd Annul General Meeting scheduled to be held on September 17, 2009, the proposal to acquire 50,000 equity shares of Rs 10/- each amounting to Rs 5,00,000/- in the equity share capital of Kakinada Fertilizers Ltd (KFL), a Company incorporated under the Companies Act, 1956 and involved in micro-irrigation, fertilizers and other agri-inputs.

The stock was trading at Rs.34.65, up by Rs.1.45 or 4.37%. The stock hit an intraday high of Rs.35.10 and low of Rs.33.15.

The total traded quantity was 2682597 compared to 2 week average of 3191959.

Source : Equity Bulls

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