Futura Polyesters approve Preferential allotment of Equity Shares and 9% Non Cumulative Redemable Preference Shares

Futura Polyesters Ltd has announced that the Board of Directors of the Company has passed a Resolution for convening Annual General Meeting of the Company to be held on September 08, 2010 seeking shareholders approval, besides the routine business, for preferential issue.

The Board approved preferential Issue and allotment of 24,50,000 Equity Shares of Rs. 10/- each at a price of Rs. 10/ per share, (which is more than the price of Rs. 8.59, calculated in accordance with SEBI (ICDR) Regulations, 2009) to Matsyagandha Investments & Finance Pvt Ltd (13,10,000 shares) and Bloomingdale Investment & Finance Pvt Ltd (11,40,000) shares. The allottees referred above belong to the Promoter Group/Persons Acting in Concert with Promoters.

The Board also approved preferential issue and allotment of 19,89,000 9 % Non Cumulative Redeemable Preference shares of Rs. 100/- each at Rs. 100/- per share to Bhupati Investments & Finance Pvt Ltd (8,22,000 Pref. Shares), Distributors (Bombay) Pvt Ltd (11,17,000 Pref. Shares) and Kharsundi Chemicals Pvt Ltd (50,000 Pref. Shares). The first two allottees above belong to the Promoter Group/Persons Acting in Concert with Promoters.

The stock was trading at Rs.8.76, up by Rs.0.38 or 4.53%. The stock hit an intraday high of Rs.8.79 and low of Rs.8.21.

The total traded quantity was 49974 compared to 2 week average of 16395.

Source : Equity Bulls

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