Indo Asian Fusegear to redeem Preference Shares

The Board of Directors of Indo Asian Fusegear Ltd at its meeting held on March 17, 2011, has approved the redemption of 10% 10,00,000 Preference Shares (Redeemable) of Rs. 10/- each aggregating to Rs. 100 Lacs which was allotted to Heinrich Kopp, GmbH of Germany on February 17, 2001 as per approval of SIA, Ministry of Industry, Govt. of India vide its letter dtd. June 08, 2000 and approval of Reserve Bank of India vide its letter dated Oct 21, 2000.

The Board also approved payment of dividend @ 10% on 10,00,000 Preference Shares for the Financial Year 2010-2011.

The stock was trading at Rs.76.60, down by Rs.2 or 2.54%. The stock hit an intraday high of Rs.77.85 and low of Rs.76.25.

The total traded quantity was 1303 compared to 2 week average of 4795.

Source : Equity Bulls

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