Westlife Development Ltd to allot 54,04,593 shares to Arisaig India Fund

The Board of Directors of Westlife Development Ltd at its meeting held on July 23, 2013, has decided subject to approval of the members of the Company by way of a special resolution pursuant to Section 81(1A) and other applicable provisions of relevant law including the Companies Act, 1956 to issue 54,04,593 equity shares of Rs. 2 each of the Company ("Equity Shares") on preferential basis to Arisaig India Fund Ltd at an aggregate issue price of about Rs. 180 Crores under the regulations for preferential issues contained in Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure) Regulations, 2009.

Shares of Westlife Development Ltd was last trading in BSE at Rs.328.45, up by Rs.6.40 or 1.99%. The stock hit an intraday high of Rs.328.45 and low of Rs.328.45.

The total traded quantity was 25 compared to 2 week average of 11.

Source : Equity Bulls

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