Asian Oilfield to issue 4050000 shares to Samara Capital

Asian Oilfield Services Ltd has announced that the Board of Directors of the Company at its meeting held on December 16, 2009, inter alia, has accepted the resignation of Mr. Satya Pal Talwar as the Chairman and Director of the Company due to his pre-occupation.

The Board approved issue of 40,50,000 number of Equity Shares to Samara Capital Partners Fund I Limited at a price that may be determined as per regulation 76 of SEBI (ICDR) Regulations 2009, on preferential basis subject to the approval of Shareholders at the Extra Ordinary General Meeting scheduled to be held on January 19, 2010 and other Regulatory approvals.

The Board fixed December 20, 2009 as 'Relevant Date' for the purpose of aforesaid preferential issue and approved increase in Authorized Capital of the Company to Rs. 20 crores divided into 2,00,00,000 number of shares of FV Rs. 10/- each.

The Board approved convening an Extra Ordinary General Meeting of the Shareholders of the Company on January 19, 2010, to seek their approval for the aforesaid purposes.

The Board also approved constitution of Management Committee of Directors for dealing with aforesaid preferential issue related matters.

The stock was trading at Rs.63.20, up by Rs.2.95 or 4.90%. The stock hit an intraday high of Rs.63.25 and low of Rs.59.10.

The total traded quantity was 79045 compared to 2 week average of 114706.

Source : Equity Bulls

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