LG Balakrishnan & Bros cancels 6740 shares

LG Balakrishnan & Bros Ltd has announced that the Board of Directors of the Company at its meeting held on November 27, 2009, inter alia, has approved the cancellation of 6740 equity shares of Re. 1/- each issued in the year 1994 on rights basis to certain shareholders, who have not taken-up or agreed to be taken-up the shares offered, so as to diminish the issued capital to Rs. 7,84,81,034/- from Rs. 7,84,87,774/- in conformity with the subscribed & paidup capital.

The Board approved issue of 6 (Six) equity shares of Re. 1/- each on preferential basis to the promoters & promoters group to mitigate the problem arising on account of consolidation of equity shares of Re. 1/- each into Rs. 10/- each.

The Board also approved proposal to open a wholly owned subsidiary Company at China.

The stock closed the day at Rs.17.80, down by Rs.0.55 or 3%. The stock hit an intraday high of Rs.18.30 and low of Rs.17.20.

The total traded quantity was 98909 compared to 2 week average of 170642.

Source : Equity Bulls

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