Shalby share price rises 2% as board mulls options to reduce promoter holding

Shalby share price rose 2 percent in early trade on September 24 as the company's board will consider options to reduce the promoter's holding.

A meeting of the board of directors of the company is scheduled on September 28 to consider and approve options to reduce the promoter's holding from the current 79.45% to 75.00% which is a mandatory requirement as per SEBI regulation, the company said in the release.

It is subject to shareholders' approval, regulatory and statutory approvals as may be required.

The above options include but not limited to preferential issues, private placements, qualified institutions placement or rights issue, or through any other permissible mode or any combination thereof of any of the above, company added.

The trading window for dealing in equity shares of the company for all the directors, designated persons and other officials covered under the code shall remain closed from Thursday, September 24, 2020, and shall continue to remain closed till the expiry of 48 hours from the announcement of financial results for the second quarter and half year ending on September 30, 2020.

The intimation for the schedule of the meeting of the board of directors of the company to consider financial results for the quarter and half year ending on September 30, 2020, will be given separately in due course of time.