Panasonic Home Appliances India Company has soared 20% to Rs 115.20 in opening deals, after its board approved to issue equity shares of the company to its promoter at price of Rs 125 per share.
“The board of directors of the company at its meeting held on April 02, 2012 has approved the proposal to issue and allot up to 1.57 million equity shares of face value Rs 10 for cash at a price of Rs 125 per share to promoters of the company on preferential basis," the household appliances maker said in a filing to the stock exchanges.
Of these 1.57 million equity shares up to 1.26 million equity shares are proposed to be allotted to Panasonic Corporation, Japan, foreign promoter and up to 0.31 million equity shares to nominee(s) of P Obul Reddy Group representing Indian Promoters, it added.
The board has also decided to convene an Extraordinary General Meeting (EGM) of the company on May 07, 2012, to seek shareholder approval for the proposed preferential issue of sharers to promoters of the company.
A combined around 2,000 shares have changed hands on the counter in opening deals on both the exchanges.