The Board of Directors of Ducon Infratechnologies Limited at its meeting held on 14th November, 2020, subject to the approval of the shareholders of the Company, has approved the issuance and allotment of the securities on conversion of outstanding Unsecured Loan amount.
5,70,00,000 Equity Shares and 5,96,34,400 Warrants convertible into Equity Shares will be allotted to Mr. Arun Govil, Promoter and Managing Director of the Company (Face Value of Re. 1/- each).
1,50,00,000 Equity Shares to Mr. Atul Kumar, Non-promoter of the Company (Face Value of Re. 1/- each).
The above allotment shall be made at a price that shall be the higher of the price determined and arrived at in the manner as set out in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (the "SEBI ICDR Regulations").
The proposed Issue will be undertaken in accordance with the provisions of Chapter V of the SEBI ICDR Regulations, and any other applicable rules / regulations / guidelines, if any, prescribed by any other regulatory or statutory authorities. The Company shall subsequently intimate the other relevant details of the postal ballot for the Shareholders' approval to be held for this purpose.
There are many FGD jobs for which Ducon has bid and we can say Ducon is poised for the it's best performance subject to the FGD installation deadline not getting extended.
Ducon has received substantial loans over the years and now to strengthen the balance sheet we are converting the loan to equity. This further shows our trust on Ducon to deliver adequate return on equity.
Shares of Ducon Infratechnologies Ltd was last trading in BSE at Rs.4.2 as compared to the previous close of Rs. 4.1. The total number of shares traded during the day was 27952 in over 70 trades.
The stock hit an intraday high of Rs. 4.29 and intraday low of 4.05. The net turnover during the day was Rs. 116757.