Jai Mata Glass to allot 70 lakh shares

Jai Mata Glass Ltd has announced that the Board of Directors of the Company at its meeting held on August 17, 2009, inter alia, has approved the allotment of 70,00,000 equity shares of Re 1/-each to M/s. J P Overseas Pvt. Ltd (promoter), on preferential basis, for redemption of 70,000 Cumulative Optionally Convertible Redeemable Preference shares (COCRPS) of Rs 100/- issued to Industrial Development Bank of India Ltd in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006, whereby the Rehabilitation Scheme was sanctioned by the Hon'ble BIFR.

The Board approved redemption of 70,000 Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) of Rs 100/- each, which had earlier been issued to Industrial Development Bank of India Ltd., and were due for redemption in 2 equal lots on March 31, 2008 and March 31, 2009, in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006, whereby the Rehabilitation Scheme was sanctioned by the Hon'ble BIFR.

It was additionally discussed and approved by the Board of Directors for early redemption of 70,000 Cumulative Optionally Convertible Redeemable Preference Shares (COCRPS) of Rs 100/- each, which had earlier been issued to Industrial Development Bank of India Ltd., and were due for redemption in 2 equal lots on March 31, 2010 and March 31, 2011, in accordance with the Order of Hon'ble Board for Industrial and Financial Reconstruction dated April 10, 2006, whereby the Rehabilitation Scheme was sanctioned by the Hon'ble BIFR. The aforesaid early redemption is in accordance with letter of approval of IDBI dated August 11, 2009, and shall be subject to early redemption being approved by the Hon'ble Board for Industrial and Financial Reconstruction. The funds required for aforesaid early redemption will, in line with the aforesaid sanctioned rehabilitation scheme by the Hon'ble BIFR, be provided by J.P. Overseas Pvt. Ltd (promoter), and the early redemption shall, upon approval by the Hon'ble BIFR, be matched by early, at par, new issue of fully paid equity shares of the Company.

The stock was trading at Rs.10.59, up by Rs.1.76 or 19.93%. The stock hit an intraday high of Rs.10.59 and low of Rs.10.57.

The total traded quantity was 24965 compared to 2 week average of 35851.

Source : Equity Bulls

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