Phoenix Mills to allot shares on preferential basis

Phoenix Mills Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2007, inter alia, has considered and approved the following:

1. Issue of upto 23,85,000 equity shares of Rs 10/- each for cash by way of Preferential Allotment at a price to be decided in accordance with SEBI Guidelines for Preferential Issues.

2. Issue of Equity Shares and / or one or more kind of securities convertible into Equity Shares to Qualified Institutional Buyers in accordance with SEBI Guidelines for Qualified institutions Placement (QIP) for an aggregate sum not exceeding Rs 1000 crores (inclusive of such premium as may be determined).

3. Notice of Postal Ballot for obtaining consent of the members in respect of aforesaid matters.

The stock closed the day at Rs.1640, up by Rs.19.15 or 1.18%. The stock hit an intraday high of Rs.1650 and low of Rs.1615.50. The total traded quantity was 2997 shares compared to 2 week average of 85727.

Source : Equity Bulls

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