Pratibha Industries opens QIP issue

Pratibha Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 11, 2010, inter alia, has decided to open the QIP Issue on October 11, 2010 and authorizing the finance committee to take further decision on matters relating to the QIP.

The Board approved amendment in Memorandum and Articles of Association to increase the authorized share capital and to incorporate a clause to issue convertible securities, amongst others.

The board has approved, subject to shareholders approval, a preferential allotment of equity shares and compulsorily convertible participatory preference shares amounting to approximately Rs. 50 crores to "Van Dyck" a large investor.

The Board will conduct a general meeting for the shareholders approval for amendment in AOA, the preferential allotment and increase in authorized share capital.

The stock was trading at Rs.80.95, down by Rs.0.65 or 0.80%. The stock hit an intraday high of Rs.82 and low of Rs.79.20.

The total traded quantity was 6.05 lakhs compared to 2 week average of 2.53 lakhs.

Source : Equity Bulls

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