Shalby share price added 6 percent in the early trade after board approved reducing the promoters’ holding in the company.
The company board in its meeting held on September 28, 2020 has passed an enabling resolution to reduce the promoters’ holding from the current 79.45% to 75% and to increase public shareholding to at least 25%, company said in the release.
However, it is subject to the approval of shareholders and/or other regulatory / statutory approvals.
The board approved raising of capital for an amount aggregating upto Rs 1170.15 million.
It also approved the amendment in “Code of Conduct for Prevention of Insider Trading and Fair Disclosure of Unpublished Price Sensitive Information”.
The said revised Code of Conduct will be effective from September 29, 2020.
At 09:30 hrs, Shalby was quoting at Rs 83.45, up Rs 3.40, or 4.25 percent on the BSE.
The share touched its 52-week high of Rs 123.05 and 52-week low Rs 40.05 on 04 November, 2019 and 24 March, 2020, respectively.
Currently, it is trading 32.18 percent below its 52-week high and 108.36 percent above its 52-week low.