Pioneer Embroideries approves allotment of 380645 shares at Rs.31

Pioneer Embroideries Ltd has announced that the Board of Directors of the Company at its meeting held on October 13, 2010, has considered and approved the allotment of 3,80,645 Equity Shares of Rs. 10/- each for cash at a price of Rs. 31/ per share.

The Board approved raising of funds via issue of securities in form of GDRs/ADRs/ QIPs or other convertible securities upto US$ 50 Million or equivalent amount in India.

The Board approved increase in Authorized Shares Capital from Rs. 50 Crores to Rs. 100 Crores and consequential amendments in Memorandum and Articles of Association of the Company.

The Board also approved convening of the Extra Ordinary General Meeting of Members of the Company on November 13, 2010.

The stock closed the day at Rs.29.25, up by Rs.0.95 or 3.36%. The stock hit an intraday high of Rs.29.70 and low of Rs.28.30.

The total traded quantity was 0.57 lakhs compared to 2 week average of 0.12 lakhs.

Source : Equity Bulls

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