Autoline Industries Ltd approves preferential issue at Rs. 81

The Board of Directors of Autoline Industries Ltd in their meeting, has considered and approved, subject to the approval of Shareholders of the Company, the proposal of issue of fresh Equity Shares of the Company on Preferential Basis, in supersession of earlier proposal of issue of Equity Shares considered at its Meeting held on July 26, 2017, to the proposed strategic investors viz. Promoters (Mr. Shivaji Akhade and Mr. Sudhir Mungase)of the Company, Sharjah Cement & Industrial Development Co., Poddar Bhumi Holdings Ltd., Mrs. Bhartiben Batavia and J M Financial Asset Reconstruction Company Limited (one of the lenders for an amount equivalent to INR 48.68 crores, in aggregate, which includes conversion of said lender's part of debt of approx. INR 8.40 crores into equity shares at an Issue Price of INR 81/- (Rupees Eighty one only)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) Regulation, 2009.

Shares of AUTOLINE INDUSTRIES LTD. was last trading in BSE at Rs.82.05 as compared to the previous close of Rs. 78.15. The total number of shares traded during the day was 77680 in over 230 trades.

The stock hit an intraday high of Rs. 82.05 and intraday low of 81.25. The net turnover during the day was Rs. 6372368.

Source : Equity Bulls

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