Kavveri Telecom approves preferential issue of 40 lakh shares, 30 lakh warrants

Kavveri Telecom Products Ltd has announced that the Board of Directors of the Company at its meeting held on July 31, 2010, inter alia, has considered and approved the issue of 40,00,000 (forty lakhs only) equity shares of the Company to the Promoters of the Company on Preferential basis subject to approval of shareholders in the General Meeting.

The Board approved issue of 10,00,000 (ten lakhs only) Warrants to the Promoters of the Company on Preferential basis subject to approval of shareholders in the General Meeting.

The Board also approved issue of 20,00,000 (twenty lakhs only) Warrants to strategic investors / non-promoters on preferential basis subject to approval of shareholders in the General meeting.

The Board approved notice of Extraordinary General Meeting for the approval of the aforesaid preferential issues to be held on August 26, 2010.

The stock closed the day at Rs.121.70, up by Rs.1.90 or 1.59%. The stock hit an intraday high of Rs.123 and low of Rs.119.

The total traded quantity was 0.88 lakhs compared to 2 week average of 2.05 lakhs.

Source : Equity Bulls

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