Tamilnadu Jai Bharath Mills to allot shares to promoter and promoters group

The Board of Directors of Tamilnadu Jai Bharath Mills Ltd at its meeting on July 03, 2013 have approved the proposal to allot equity shares for Rs. 6 crores on a preferential basis to promoter and promoters group by part conversion of their loan with the Company following the SEBI guidelines raising the paid up capital from Rs. 23.80 crores (including share premium of Rs. 0.22 crore) to Rs. 29.80 crores and also to raise the Authorised Capital from Rs. 24 crores to Rs. 30 crores and place the necessary special resolutions before the next AGM.

The BIFR, New Delhi has declared the Company as Sick in its hearing on June 24, 2013 and its written orders are awaited.

Shares of Tamilnadu Jai Bharath Mills Ltd was last trading in BSE at Rs.2.71, down by Rs.0.13 or 4.58%. The stock hit an intraday high of Rs.2.71 and low of Rs.2.71.

The total traded quantity was 100 compared to 2 week average of 200.

Source : Equity Bulls

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