Pradip Overseas tanks 52% in two trading days
The board will meet on October 18, 2012 to consider issue of bonus shares to the shareholders
Pradip Overseas has locked in lower circuit of 20% at Rs 61.50 for a second consecutive day on the Bombay Stock Exchange with no buyers on the counter.
A combined 3.56 million shares have already changed hands on the counter and there are pending sell orders for 47,699 shares on both the exchanges. The market price of textile manufacturer has been more than halved from Rs 128 touched on Thursday after the company announced bonus issue plans.
“The board of directors of the company will meet on October 18, 2012 to consider issue of bonus shares to the shareholders of the company,” Pradip Overseas said in a filing.
Recently, Ahmedabad-based home linen maker had got the Central government's nod to withdraw from its textile SEZ plans due to no takers. The company had earlier proposed to a SEZ spread across 109.48 hectares.