Axon Infotech approves issue of 50 lakh shares

Axon Infotech Ltd has announced that the Board of Directors of the Company at its meeting held on December 28, 2009, has discussed and approved the issue of 50,00,000 Equity Shares on preferential basis, including 8,00,000 equity shares to promoters and promoter group for a price of Rs. 20/- per share, (including a premium of Rs. 10/- per share) aggregating Rs. 10,00,00,000 (Rupees Ten Crores only) subject to the approval of the shareholders of the Company at the Extra Ordinary General Meeting.

The Board of Directors has fixed the Extra Ordinary General Meeting of shareholders to get the approval for preferential issue of January 27, 2010.

The Board has taken the decision to exceed the limit of investment u/s 372A of the Companies Act, 1956 and also to do postal Ballot as per section 192A of the Companies Act, 1956.

The Stock was trading at Rs.15.06, up by Rs.0.41 or 2.80%. The stock hit an intraday high of Rs.15.37 and low of Rs.14.64.

The total traded quantity was 5017 compared to 2 week average of 5664.

Source : Equity Bulls

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