The board of directors of IOL Broadband at its meeting held on May 28, 2005, has approved the issue of equity shares on a preferential basis.According to a release issued by IOL Broadband to the BSE, the company is to issue upto 20 lakh equity shares of Rs 10/- each in one or more tranches to specified investors at a price of Rs 11/- per share.The preferential issue of the equity shares shall be subject to necessary approvals of the shareholders of the company, the release said.The company also informed that the board of directors has resolved to convene an EGM of the shareholders of the company on June 24, 2005, the release further added.
