Autoline Industries Ltd approves preferential issue

The Board of Directors of Autoline Industries Ltd in meeting, has considered & approved, subject to the approval of Shareholders of the Company, the proposal of issue of fresh Equity Shares of the Company on Preferential Basis to proposed allottees viz. Promoters(Mr. Shivaji Akhade and Mr. Sudhir Mungase) of the Company, an investor IndiaNivesh Capitals Ltd. and one of the lenders of the Company for an amount equivalent to INR 24.25 crores, in aggregate, which includes conversion of said lender's part of debt of INR 8.15 crores into equity shares as per the applicable provisions of the Companies Act, 2013 and other applicable provisions to support the increased business volume of the Company, at an Issue Price of INR 65/- per share (face value of Rs. 10/- each) or at such higher price as may be determined in compliance with the Chapter VII of the SEBI(ICDR) Regulations, 2009 and subsequent amendments thereto.

Shares of AUTOLINE INDUSTRIES LTD. was last trading in BSE at Rs.62.25 as compared to the previous close of Rs. 61.2. The total number of shares traded during the day was 7517 in over 81 trades.

The stock hit an intraday high of Rs. 63.35 and intraday low of 61.3. The net turnover during the day was Rs. 466837.

Source : Equity Bulls

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