Ushdev International Board approves right issue

Ushdev International Ltd has announced that the Board of Directors of the Company at its meeting held on May 24, 2007, has transacted and approved the following business:

1. Approval of the right issue to the existing shareholders in the ratio of (1) right share offered for (1) shares held as on the record date.

2. The price of the right shares shall be Rs 40/- per share comprising of Rs 30/- premium and Rs 10/ per share face value.

3. Authorised Managing Director to appoint Merchant Bankers, Share Transfer Agent, Bankers and legal solicitor to the right issue.

The Company will issue notice of Extra Ordinary General Meeting shortly.

The stock closed the day at Rs.118.95, up by Rs.1.20 or 1.02%. The stock hit an intraday high of Rs.124 and low of Rs.117. The total traded quantity was 529 compared to 2 week average of 675.

Source : Equity Bulls

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