JK Tyre & Industries Ltd approves preferential issue

The Board of Directors of JK Tyre & Industries Ltd at its meeting held on October 24, 2013, has approved issue of Equity Shares / Convertible Securities at a price to be determined in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (SEBI (ICDR) Regulations) to the constituent(s) of the Promoter and/or Promoter Group on preferential basis, subject to requisite approval of the shareholders of the Company and other authorities as may he required.

Consequent to the preferential issue as above, the paid-up equity share capital of the Company will be increased from Rs. 41,05,93,460/- comprising of 4,10,59,346 Equity Shares of Rs. 10/- each to Rs. 45,36,26,960/- comprising of 4,53,62,696 Equity Shares of Rs. 10/- each and the shareholding of Promoter and / or Promoter Group will go up from 1,94,39,481 Equity Shares (47.34%) to 2,37,42,831 Equity Shares (52.34%), i.e., by 5%.

Shares of JK Tyre & Industries Ltd was last trading in BSE at Rs.110.80, down by Rs.1 or 0.89%. The stock hit an intraday high of Rs.115 and low of Rs.110.20.

The total traded quantity was 1.27 lakhs compared to 2 week average of 1.22 lakhs.

Source : Equity Bulls

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