Coromandel Engineering Company Ltd Board approves Rights Issue

The Board of Directors of Coromandel Engineering Company Ltd at its meeting held on September 05, 2013 have subject to the approval of shareholders and other necessary approvals as may be required, approved to create, offer and Issue equity shares of the Company for an amount not exceeding Rs. 60 Crores (Rupees Sixty Crores only) to the equity shareholders of the Company on a "Rights basis" at such price (including premium, if any, as may be decided) as may be determined by the Board or a Committee thereof.

The Board of Directors have decided to convene an Extraordinary General Meeting scheduled to be held on October 01, 2013 to seek the shareholders approval for the proposed issue of equity shares on Rights basis and increase in Authorised Capital of the company and related matters thereof.

Shares of Coromandel Engineering Company Ltd was last trading in BSE at Rs.175.60, up by Rs.8.35 or 4.99%. The stock hit an intraday high of Rs.175.60 and low of Rs.175.60.

The total traded quantity was 25 compared to 2 week average of 162.

Source : Equity Bulls

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