The Board of directors of Coromandel Engineering Company Limited at its meeting held today, considered and approved the issuance of 7% Cumulative Non-Participating Redeemable Preference Shares on a private placement basis for an amount not exceeding Rs 23 Crores in accordance with applicable laws and regulations, consents and approvals (as required).
Further, for the purpose of giving effect to the above proposals, the Board also approved the increase of the authorized Preference Share Capital from Rs 25,00,00,000 (Rupees Twenty Five Crores Only) to Rs 32,00,00,000 (Rupees Thirty Two Crores Only) by creation of additional Rs 7,00,00,000 (Rupees Seven Crores Only) comprising of 7,00,000 (Seven lakhs only) Preference Shares of Rs.100/- each and consequential amendment to the Capital Clause of the Memorandum of Association of the Company.
Shares of COROMANDEL ENGINEERING COMPANY LTD. was last trading in BSE at Rs.24.3 as compared to the previous close of Rs. 27. The total number of shares traded during the day was 5298 in over 39 trades.
The stock hit an intraday high of Rs. 25.65 and intraday low of 23.55. The net turnover during the day was Rs. 128809.