Stylam Industries Ltd approves fund raising

The Board of Directors of Stylam Industries Ltd in its meeting held today to considered and approved the increase in the Authorised Share Capital from existing 80,50,000 Equity Shares of face value of Rs.10/- each to 89,00,000 Equity Shares of face value of Rs.10/- each. Increase of 85,50,000 Equity Shares of face value of Rs.10/- each.

The Board proposed fund raising of upto 8,50,000 Equity shares of Rs. 10 each, on a preferential basis for cash at a price of Rs. 601/- per Issue Share aggregating upto Rs. 51,08,50,000/- (Rupees Fifty One Crore Eight Lakh Fifty Thousand Only), including premium of Rs. 591/- (Rupees Five Hundred Ninety One Only) per Issue Share, to the Lighthouse Emerging India Investors, Limited, non-promoters allottee ('Investor')

The Board of Directors has decided to convene an Extra Ordinary General Meeting on May 03, 2017 for seeking approval of the shareholders of the Company for issuance of Equity Shares on Preferential basis.

Shares of Stylam Industries Limited was last trading in BSE at Rs.653.95 as compared to the previous close of Rs. 666.85. The total number of shares traded during the day was 20584 in over 381 trades.

The stock hit an intraday high of Rs. 690 and intraday low of 651. The net turnover during the day was Rs. 13821605.

Source : Equity Bulls

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