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Thursday, March 18, 2010

Jayaswal Neco - Outcome of Board Meeting

Jayaswal Neco Industries Ltd has informed that the Board of Directors of the Company at its meeting held on March 18, 2010, approved, subject to compliance of all applicable regulations, the proposal for making a preferential issue of 14200000 Equity Shares of Rs. 10.00 each at an issue price of Rs. 33.80 each to Reliance Mutual Fund.

The issue of shares as proposed translates into 5.66% of the post-issue paid-up share capital of the Company. The mutually agreed issue price is as per Regulations in force.

The Board has also approved convening the Extra-ordinary general Meeting of the members of the Company on April 19, 2010 for seeking approval of Members under section 81(1A) of the Companies Act, 1956, to the proposed issue.

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