Date:23/04/2005 URL: http://www.thehindubusinessline.com/2005/04/23/stories/2005042301660203.htm

Back Prajay pref offer gets nod

Our Bureau

HYDERABAD: Prajay Engineers Syndicate Ltd has informed the stock exchanges that its shareholders, at an extraordinary general meeting, have approved an increase in authorised share capital and preferential offer of equity shares.

The shareholders approved a resolution to increase the authorised share capital from Rs 9-crore divided into 90-lakh equity shares of Rs 10 each to Rs 18-crore divided into 1.8-crore equity shares of Rs 10 each and consequential amendments in memorandum and articles of association of the company.

They also authorised the board to issue in one or more tranches on preferential basis up to 40-lakh equity shares of the company at the face value of Rs 10 each in the share capital of the company at a price of Rs 14.50 per share, which is higher than the price arrived at in terms of SEBI guidelines.