Apis India withdraws proposal to allot 52,34,758 Equity shares on Preferential basis

Apis India Ltd has announced that the company is withdrawing its earlier proposal of Preferential Allotment of 52,34,758 Equity Shares to both Promoter and Non-Promoter Group. The detail of the allotment was that out of total 52,34,758 Equity Shares, 36,64,330 Equity Shares will be allotted to promoters upon the conversion of 3,66,433 4% Preference Shares and 15,70,428 Equity Shares to the Non Promoters for cash on preferential basis.

As exchange has advised the Company to allot shares at a price not less than Rs. 50/- per share, an Investment in the company at a rate of Rs. 50/- per share is not acceptable to Mrs. Prem Anand, one of the Proposed allottee and therefore she withdrew her consent for such conversion of Preference Shares into Equity Share.

On the basis of the same, the Company is withdrawing its our complete proposal for the allotment of 52,34,758 Equity Shares on Preferential basis.

Source : Equity Bulls

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