Jagan Lamps Limited board approves preferential issue

The Board of Directors of Jagan Lamps Limited (the "Board"), at its Meeting held on 28 August 2021 (which commenced at 2.00 p.m. and concluded at 4.00 p.m.), has, approved the proposal to offer, issue and allot, fully paid-up equity shares of the Company having a face value of Rs. 10/- (Rupees Ten Only) each, not exceeding Rs. 1,40,30,000/- (Rupees One Crore Forty Lakh Thirty Thousand only) to M/s Jagan Automotives Private Limited, Promoter entity, by way of a preferential allotment subject to the approval of shareholders in ensuing Annual General Meeting.

The board also approved proposal to offer, issue and allot of 73,000 (Seventy Three Thousand) unsecured compulsorily convertible debentures of the Company having a face value of Rs.100/- (Rupees Hundred Only) each for cash at par aggregating to Rs.73,00,000/- (Rupees Seventy Three Lakh Only) to Mr. Ashish Aggarwal, Promoter of the Company, by way of a preferential allotment subject to the approval of shareholders in ensuing Annual General Meeting. Please see Annexure B for further details.

Shares of Jagan Lamps Ltd. was last trading in BSE at Rs. 53.95 as compared to the previous close of Rs. 56.95. The total number of shares traded during the day was 27370 in over 375 trades.

The stock hit an intraday high of Rs. 57.9 and intraday low of 51. The net turnover during the day was Rs. 1498967.

Source : Equity Bulls

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