Indus Fila approves conversion of loans into equity shares

Indus Fila Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2010, inter alia has approved the proposal for conversion of unsecured loans into equity shares.

The Board of Directors considered and recommended for the issue of 29,71,070 Equity shares @ Rs. 30.00 (including premium of Rs. 20.00 per shares of the face value of Rs. 10.00 each ) to the persons / entities in Promoter Group amounting to Rs 8.91 crs by way of conversion of part of the unsecured loans, which shall be subject to the approval of the shareholders and in compliance with SEBI and other related statutory requirements.

The Board of Directors recommended the appointment of M/s. Suri & Co, Chartered Accountants as Statutory Auditors for the year 2010-11.

The stock was trading at Rs.26.50, up by Rs.0.30 or 1.15%. The stock hit an intraday high of Rs.28 and low of Rs.26.50.

The total traded quantity was 9266 compared to 2 week average of 25041.

Source : Equity Bulls

Keywords