AK Capital to reclassify authorized share capital

AK Capital Services Ltd has announced that a meeting of the Board of Directors of the Company will be held on December 07, 2009, inter alia, to re-classify part of authorized share capital. 800,000 Convertible Cumulative Preference Shares of Rs. 225 amounting to Rs. 180,000,000 be reclassified as 18,000,000 equity shares of Rs. 10 each amounting to Rs. 180,000,000.

The Board will consider raising of funds by placement of equity shares to Qualified Institutional Buyers (QIBs) through Qualified Institutional Placement (QIP).

The Board will consider and approve the notice of the Extra-ordinary general meeting and decide the day, date, time and venue for the said meeting.

The stock was trading at Rs.261, down by Rs.5.95 or 2.23%. The stock hit an intraday high of Rs.265.05 and low of Rs.252.20.

The total traded quantity was 10238 compared to 2 week average of 3674.

Source : Equity Bulls

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