Neo Corp EGM approves preferential issue, enhanced borrowing power

Neo Corp International Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on July 05, 2010, inter alia, have approved the proposal to offer, issue and allot 35,00,000 Equity Shares on preferential basis to the persons / entities belonging to promoters as well as non-promoter category at a price of Rs. 60/- per Share (Face Value Rs. 10/- and premium of Rs. 50/- per share) which is determined in accordance with the provisions of Chapter VIII of SEBI (ICDR) Regulations, 2009.

The EGM also gave authorization to the Board of the Directors to borrow the money not exceeding Rs. 300 crores.

The stock was trading at Rs.55, up by Rs.0.30 or 0.55%. The stock hit an intraday high of Rs.55.45 and low of Rs.53.65.

The total traded quantity was 3762 compared to 2 week average of 69858.

Source : Equity Bulls

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