Westlife Development Ltd. said its board approved issue of 22,86,010 equity shares of Rs.10 each as bonus shares to the shareholders in the ratio of 1:1, pursuant to SEBI circular dated August 29, 2012 to increase the public shareholding in the company to the minimum prescribed limit of 25 percent of the paid-up equity capital as laid down in the Listing Agreement.
The board also approved allotment of up to 4,60,000 fully paid 8 percent Cumulative Redeemable Preference Shares of Rs.10 each at a premium of Rs.50 apiece to the promotor group for cash on preferential basis.
The board further decided to call an extraordinary general meeting of the company on October 16, 2012 to seek the approval of the shareholders.
At the BSE, Westlife Development shares are currently trading at Rs.133.65, up 1.98 percent from the previous close.
by RTT Staff Writer
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