Frontline Business Solutions to issue 95 lakh shares

Frontline Business Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on October 16, 2010, has considered and approved the proposal to make preferential allotment of 95 Lacs Equity Shares to Promoters, Non Promoters and Strategic Investors at a price to be calculated as per SEBI (ICDR) Guidelines, 2009.

The Board will convene an Extra Ordinary General Meeting on November 23, 2010 to obtain approval from shareholders for the said Preferential Allotment under Section 81(1A) of the Companies Act, 1956.

The stock was trading at Rs.12.01, up by Rs.0.57 or 4.98%. The stock hit an intraday high of Rs.12.01 and low of Rs.10.92.

The total traded quantity was 7600 compared to 2 week average of 18022.

Source : Equity Bulls

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