Exide Industries to issue 5 crore shares

Exide Industries Ltd has announced that the Board of Directors of the Company at its meeting held on November 18, 2009 approved, subject to the approval of the shareholders of the Company and other statutory approvals, issue of 5,00,00,000 (Five Crores) Equity Shares and/or any securities convertible into Equity Shares, with or without warrants, to Qualified Institutional Buyers through Qualified Institutional Placement in accordance with the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations 2009. The issue and allotment of such securities will be made at such time or times, in one or more tranches, denominated in one or more currencies, at such price and on such terms and conditions as the Board may deem fit subject to any conditions Imposed by the shareholders and/or other statutory authorities.

The stock was trading at Rs.110.50, down by Rs.3.10 or 2.73%. The stock hit an intraday high of Rs.116 and low of Rs.110.30.

The total traded quantity was 242414 compared to 2 week average of 627764.

Source : Equity Bulls

Keywords