Berger Paints to issue 7200000 shares

Berger Paints India Ltd has announced that the Board of Directors of the Company at its meting held on August 14, 2009 has decided to issue up to 7,200,000 (seven million two hundred thousand) equity shares of the Company of a face value of Rs 2/- each at a price not lower than the minimum price specified as per SEBI Guidelines for Preferential Issue, to Nalanda India Fund Ltd.

The relevant date for determination of the Issue Price shall be August 17, 2009.

The approval of the shareholders for the proposed issue shall be taken by way of postal ballot.

The stock closed the day at Rs.47.85, up by Rs.2.95 or 6.57%. The stock hit an intraday high of Rs.50.45 and low of Rs.44.80.

The total traded quantity was 214156 compared to 2 week average of 31589.

Source : Equity Bulls

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