Lambodhara Textile inches up after board's nod for preferential allotment to promoters

Lambodhara Textile rose 0.76% to Rs 119.65 at 12:52 IST on BSE after the company said its board has given its consent to the issue of equity shares on preferential basis to promoters upto an amount of Rs 2.38 crore.

The announcement was made after market hours on Thursday, 13 March 2014.

Meanwhile, the S&P BSE Sensex was down 160.78 points or 0.74% at 21,613.83.

On BSE, so far 3,104 shares were traded in the counter as against average daily volume of 3,965 shares in the past two weeks.

The stock was volatile. The stock rose as much as 3.57% at the day's high of Rs 123 so far during the day. The stock lost as much as 5.68% at the day's low of Rs 112 so far during the day.

Lambodhara Textile said that its board of directors at its meeting held on 12 March 2014, has given its consent to the issue of equity shares on preferential basis to promoters upto an amount of Rs 2.38 crore in accordance with Section 81(1A) and all other applicable provisions, if any, of the Companies Act, 1956, Companies Act, 2013 (to the extent notified) and the provisions contained in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 including any statutory modifications and amendments from time to time for the time being in force.

The approval of the members shall be sought for the same by way of voting through postal ballot, Lambodhara Textile said.

Lambodhara Textile's net profit declined 23.2% to Rs 0.63 crore on 26.2% growth in net sales to Rs 26.82 crore in Q3 December 2013 over Q3 December 2012.

Lambodhara Textile is one of the leading player in the fancy yarn market.

Powered by Capital Market - Live News