Reliance Broadcast Network approves preferential allotment of upto 5 crore shares

Reliance Broadcast Network Ltd has announced that the Board of Directors of the Company at its meeting held on September 01, 2010, inter alia, has approved the proposal to make a preferential allotment of upto 5 crore equity shares of the Company at a price of Rs. 85 per equity share, to the Promoters and/or other investors, subject to necessary permissions, sanctions, approvals and applicable SEBI Regulations and other provisions of law, to generate long term resources for implementing future growth plans and to strengthen the Company's financial position.

The Board also approved proposal to convene an Extraordinary General Meeting of the Company to seek approval of shareholders for the said preferential issue.

The stock was trading at Rs.116, up by Rs.5.50 or 4.98%. The stock hit an intraday high of Rs.116 and low of Rs.113.

The total traded quantity was 3.04 lakhs compared to 2 week average of 1 lakh.

Source : Equity Bulls

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