Net 4 India to allot 683620 shares

Net 4 India Ltd has announced that the Board of Directors of the Company at its meeting held on August 11, 2010, approved proposals subject to the approval of the shareholders' in ensuing Extra Ordinary General Meeting.

The Board approved proposal to allot 693620 Equity Shares to M/s. QS India Hosting on a preferential basis at a price of Rs. 116/- per share (including premium of Rs. 106/- per share) for an aggregate amount of Rs. 80.46 Million.

The Board approved proposal to alter the existing Article of Association with a new set of article.

The Board of Directors has called the Extra Ordinary General Meeting to consider and approve the aforesaid matters.

Apart from the above, the Board also approved the appointment of Investor observer on behalf of M/s. QS India Hosting as per term and condition as agreed between M/s.QS India Hosting, the Company and Promoters.

The stock closed the day at Rs.116.30, down by Rs.0.90 or 0.77%. The stock hit an intraday high of Rs.117.90 and low of Rs.115.35.

The total traded quantity was 42330 compared to 2 week average of 47694.

Source : Equity Bulls

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