Moneycontrol
Jan 16, 2017 02:08 PM IST | Source: Moneycontrol.com

CMI gains 11% on approval to issue shares to promoters

The company's board in its meeting held on January 16, has approved allotment of equity shares to promoters on preferential basis.

 
 
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Moneycontrol Bureau

Shares of CMI advanced 11 percent intraday Monday post board approval for issue of equity shares to promoters.

The company's board in its meeting held on January 16, has approved allotment of equity shares to promoters on preferential basis.

The board of directors have decided, subject to approval of shareholders through postal ballot / EOGM, to issue upto a maximum of 5 lakh equity shares to promoter/promoters group on preferential basis at an issue price of Rs 300 including premium of Rs 290.

The board also took note of enhanced working capital limit facilities by Syndicate Bank to the company from Rs 100 crore to Rs 150 crore to cater higher volumes of business during FY 2017.

At 13:51 hrs CMI was quoting at Rs 195.20, up Rs 11.20, or 6.09 percent on the BSE.

Posted by Rakesh Patil
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