Kavveri Telecom to consider preferential issue on July 31, 2010

Kavveri Telecom Products Ltd has announced that a meeting of the Board of Directors of the Company will be held on July 31, 2010, inter alia, to consider and approve a proposal for issue of 40 lakhs equity shares to promoters on preferential basis, subject to approval of general meeting.

The Board will consider and approve a proposal for issue of 20 lakhs warrants convertible into equity shares, to strategic investors / non promoters on preferential basis, subject to approval of general meeting.

The Board will also consider and approve the date and venue of general meeting and notice of general meeting.

The stock was trading at Rs.114.80, up by Rs.8.85 or 8.35%. The stock hit an intraday high of Rs.116 and low of Rs.105.15.

The total traded quantity was 433342 compared to 2 week average of 70676.

Source : Equity Bulls

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