Aviva Industries to issue rights shares at Rs.20

Aviva Industries Ltd has announced that the Board of Directors of the Company at its meeting held on December 23, 2006, inter alia, has considered the following:

1. To issue Rights shares of 1,49,90,000 Equity Shares of Rs 10/- each at a premium of Rs 10/- each, aggregating Rs 29.98 Crores in the ratio of Ten Equity Shares for every One Equity Share held by the members on a Record date to be fixed / finalized on obtaining approvals from members in general meeting and applicable approvals / clearances relating to the proposed Rights Issue from all the regulatory authorities including SEBI.

2. The Board of Directors further decided to convene an Extra Ordinary General Meeting of the members of the company on January 24, 2007, to consider the resolution for issue of equity shares on a rights basis as per section 81(1A) of the Companies Act, 1956.

Source : Equity Bulls

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