Panyam Cements EGM approves issue of 2090909 shares on preferential basis

Panyam Cements & Mineral Industries Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 10, 2007, have accorded authority to the Board to issue, offer and allot in one or more trenches, on preferential basis upto 2090909 Equity Shares of the Company of the face value of Rs 10/- each to M/s S P Y Reddy & Associates or their nominees at a price of Rs 55/- per share (including a premium of Rs 45/-), subject to the necessary provisions & approvals.

Source : Equity Bulls

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