Vulcan Engineers seeks nod for issue of 13.10 lakh shares to SIMEST

Vulcan Engineers Ltd has announced that the Board of Directors of the Company at its meeting held on January 29, 2011, inter alia, has decided to seek approval of Shareholders for issue of 13,10,000 equity shares of the Company to basis to Societa Italiana Per Le Impresc All'Estero - SIMEST SpA (SIMEST) at Rs. 46.50 (Rupees Forty Six and Fifty Paise only) per equity share.

The Investor will be issued 13,10,000 (Thirteen Lakhs Ten Thousand) fully paid equity shares of Rs. 10.00 (Rupees Ten) each at a premium of Rs. 36.50 (Rupees Thirty Six and Fifty paise only) per share or at a price to he determined under applicable SEBI Regulations, whichever is higher.

An Extra ordinary Genera1 Meeting of the Company would be held on February 26, 2011 to seek requisite approval from the Shareholders for the preferential allotment.

The stock closed the day at Rs.40.05, down by Rs.1.10 or 2.67%. The stock hit an intraday high of Rs.41.90 and low of Rs.40.

The total traded quantity was 4848 compared to 2 week average of 1908.

Source : Equity Bulls

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