LN Polyesters approves preferential issue of 63 lakh shares

LN Polyesters Ltd has announced that the Board of Directors of the Company at its meeting held on July 29, 2009, inter alia, has approved the preferential allotment of 63,00,000 Nos. Equity Shares (10,50,000 Nos. to Promoters and 52,50,000 Nos. to Non-Promoters) of Rs 10/- each at a premium of Rs 10/- per share to the promoter and non-promoters, subject to the receipt of the regulatory and statutory approvals.

The Board has approved the increase in the authorized share capital of the Company to accommodate the proposed preferential issue. The authorized share capital of the Company would be increased from Rs 21,00,00,000/- divided into 1,70,00,000 Equity Shares of Rs 10/- each and 40,00,000/- Preference Shares of Rs 10/- each to Rs 25,50,00,000/ divided into Rs 21,50,00,000/- Equity Shares of Rs 10/- each and 40,00,000 Preference Shares of Rs 10/- each subject to the approval of the members of the Company in the ensuing Annual General Meeting.

Source : Equity Bulls

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