Wockhardt considers preferential issue

Wockhardt Ltd has announced that the Board of Directors of the Company at its meeting held on November 18, 2009, has considered the increase in Authorised share Capital of the Company from Rs. 175 Crores to Rs. 925 Crores by creation of 150 crores preference shares of Rs. 5/- each and consequential alterations of Memorandum and Articles of Association of the Company.

The Board also considered preferential issue upto 160 crore Convertible/ Non-convertible redeemable preference shares of Rs. 5/- each.

The Board will seek approval of postal ballot notice along with the postal ballot form and calendar of events for obtaining consent of the members of the Company on aforesaid matters through postal ballot.

The stock was trading at Rs.183.10, up by Rs.2.75 or 1.52%. The stock hit an intraday high of Rs.185 and low of Rs.182.15.

The total traded quantity was 44442 compared to 2 week average of 94037.

Source : Equity Bulls

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