Prakash Pipes Limited to issue 35 lakh shares on preferential basis

The Board of Directors of Prakash Pipes Limited at its meeting held today has considered and approved the issuance of 35,00,000 Equity Shares on Preferential basis, thereby raising an amount aggregating to Rs. 26,07,50,000/- (Rupees Twenty Six Crores Seven Lakhs Fifty Thousand Only) subject to the approval of the Shareholders. The proceeds from preferential issue will be utilized to augment the working capital requirements of the Company and other corporate purposes.

Shri Ved Prakash Agarwal, Promoter of Prakash Pipes Ltd. (PPL) - 35,00,000 equity shares at Rs. 74.50 per share aggregating Rs. 26,07,50,000.

Shares of PRAKASH PIPES LTD. was last trading in BSE at Rs. 74.85 as compared to the previous close of Rs. 75. The total number of shares traded during the day was 11857 and the deliverable quantity was 8476 shares.

The stock hit an intraday high of Rs. 76.60 and intraday low of Rs. 72.50.

Source : Equity Bulls

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