Gujarat State Petronet to issue 22,000,000 shares to IFC, Washington

Gujarat State Petronet Ltd has announced that the Board of Directors of the Company at its meeting held on August 23, 2007, has approved to issue up to 22,000,000* equity shares to International Finance Corporation (IFC), Washington DC, on preferential basis, at a price of Rs 57.29/- per equity share, being a price which is higher than the price computed as per SEBI Guidelines on Preferential Issue.

The approx equity investment by IFC would not exceed US$ 30 million.

The Company has signed Share Subscription and Shareholders Agreement with IFC on August 23, 2007 subsequent to the Board approval.

The said preferential issue is subject to approval of the members at the ensuing Annual General Meeting of the Company scheduled to be held on August 21, 2007.

* Maximum No of share which can be issued.

The Stock closed the day at Rs.54.40, up by Rs.0.65 or 1.21%. The stock hit an intraday high of Rs.57.20 and low of Rs.53.50. The total traded quantity was 159534 compared to 2 week average of 138400.

Source : Equity Bulls

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