Inflame Appliances Limited board approves preferential issue

The Board of Directors of Inflame Appliances Limited, at its meeting held today, i.e. on Wednesday, May 26, 2021 at the corporate office of the Company situated at 40/14-15-1 6-17/1 Vill. Bagwali, NH-73, Distt. Panchkula (H.R.) which commenced at 3:00 P.M has discussed, deliberated, taken on record and approved the increase in the Authorised Share Capital of the Company from Rs. 6.00 Crore (divided into 60,00,000 Equity Shares of Rs. 10 each) to Rs. 7.00 Crore (Divided into 70,00,000 Equity Shares of Rs. 10 each) and consequent alteration in Clause V of the Memorandum of Association relating to share capital of the Company subject to obtaining the approval of the shareholders of the Company.

The board also approved the issue of up to 3,00,000 Equity shares of face value Rs. 10 ("Equity Shares") and 3,80,000 Equity Warrant convertible into Equity Shares of face value Rs. 10 ("Equity Shares") to non-promoters / Public Category of the company, on a preferential basis ("Preferential Issue") in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"), as amended, and other applicable laws, at a price of Rs. 180 per Equity Share, subject to the approval of regulatory / statutory authorities and the shareholders of the Company at the forthcoming Extra Ordinary General Meeting.

Shares of Inflame Appliances Ltd was last trading in BSE at Rs. 228.2 as compared to the previous close of Rs. 217.35. The total number of shares traded during the day was 16000 in over 14 trades.

The stock hit an intraday high of Rs. 228.2 and intraday low of 228.2. The net turnover during the day was Rs. 3651200.

Source : Equity Bulls

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