LN Polyesters to issue shares

LN Polyesters Ltd has announced that the Board of Directors of the Company at its meeting held on October 27, 2010, inter alia, has decided to Increase the Authorized Share Capital from 21,00,00,000/- to Rs. 140,00,00,000/- and allotted 2,50,000 Nos. Equity Shares of Rs.10/- each at Par to JM Financial Asset Reconstruction Company Private Limited in lieu of Conversion of Debt into Equity.

The Board decided to issue and allot 13,00,00,000 Nos. Equity Shares of Rs.10/- each preferential basis to the Promoters, Directors and Other Investors, at a price calculated in accordance with the existing regulations issued by SEBI.

The Board approved the change in the name of the Company from LN Polyesters Ltd to LN Industries Ltd or such other name as may be approved by the Registrar of Companies, Andhra Pradesh also subject to such regulatory and statutory approvals.

The Board also deferred the decision of Change in the Main and Other Objects of the Company.

The stock was trading at Rs.31.05, down by Rs.0.70 or 2.20%. The stock hit an intraday high of Rs.32.50 and low of Rs.30.20.

The total traded quantity was 0.19 lakhs compared to 2 week average of 0.57 lakhs.

Source : Equity Bulls

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