Bhoruka Aluminium approves preferential issue

Bhoruka Aluminium Ltd has announced that the Board of Directors of the Company at its meeting held on September 28, 2010, inter alia, has subject to the approval of the shareholders approved the offering and issue of 1,132,778 equity shares of Rs. 10/- each on preferential basis to persons other the promoters of the Company at a price of Rs. 45/- (including premium of Rs. 35/- per share) or at a price which shall not be less than the price as determined as per Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Board also approved the offering and issue of 1,717,222 warrants convertible into even no. of Equity shares on preferential basis to person in promoters group at a price of Rs. 45/- (including premium of Rs. 35/- per share) or at a price which shall not be less than the price as determined as per Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Board approved the alteration in Other Objects Cause of Memorandum of Association of the Company and commencement of the new business activities and approved the increase in borrowing limit upto Rs. 500/- Crores under Section 293 (1) (d) of the Companies Act, 1956 and to create charges on the assets of the Company under Section 293 (1) (a) of the Act.

The stock closed the day at Rs.42.20, down by Rs.1.80 or 4.09%. The stock hit an intraday high of Rs.45 and low of Rs.42.

The total traded quantity was 0.56 lakhs compared to 2 week average of 1.19 lakhs.

Source : Equity Bulls

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