Andhra Cements approves issue of shares to HDFC, IDFC

Andhra Cements Ltd has announced that the Board of Directors of the Company at its meeting held on July 30, 2010, has considered and approved the issue and Allotment of Equity Shares of the Company on preferential basis to HDFC Ltd, and IDFC Ltd, to an aggregate amount not exceeding Rs. 18.64 crores at a price to be determined as per the SEBI (ICDR) Regulations 2009, by way of conversion of its outstanding obligation to them.

The stock closed the day at Rs.21.95, down by Rs.0.70 or 3.09%. The stock hit an intraday high of Rs.22.95 and low of Rs.21.80.

The total traded quantity was 1.65 lakhs compared to 2 week average of 2.11 lakhs.

Source : Equity Bulls

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