Vulcan Engineers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2011, inter alia, has decided as follows:
1. In supercession of the special resolution passed at the Extra-ordinary General Meeting held on February 28, 2011. The Board has decided to seek approval of Shareholders for issue of 13,10,000 equity shares of the Company to Societa Italiana Per Le Imprese All’Estero - SIMEST SpA (SIMEST) at Rs. 46.50 (Rupees Forty Six and Fifty Paise only) per equity share. SIMEST will be issued 13,10,000 (Thirteen Lakhs Ten Thousand) fully paid equity shares of Rs. 10.00 (Rupees Ten) each at a premium of Rs. 36.50 (Rupees Thirty Six and Fifty paise only) per share, being the price higher than the price determined as per the SEBI (ICDR) Regulations, 2009.
2. An Extra ordinary General Meeting of the Company would be held on September 12, 2011 to seek requisite approval from the Shareholders for the preferential allotment.