GI Engineering Solutions approves issue of 11 lakh shares

GI Engineering Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on December 03, 2009, inter alia, has approved the allotment of 11,00,000 equity shares of Rs. 10/- each at a price of Rs. 18/- including premium of Rs. 8/- per equity share to M/s Fortune Private Equity LLC, Abu Dhabi, UAE or their Nominees or Affiliates under Non-Promoters category through private placement as preferential issue as per Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("ICDR Regulations") and other applicable rules, regulations and guidelines of SEBI, subject to the approval of members.

The stock was trading at Rs.23.60, up by Rs.1.10 or 4.89%. The stock hit an intraday high of Rs.23.60 and low of Rs.21.40.

The total traded quantity was 116288 compared to 2 week average of 42444.

Source : Equity Bulls

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