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Hyderabad , Sept. 28

THE board of directors of HBL Nife Power Systems Ltd, at its meeting held on Tuesday, has decided to go in for issue of fresh equity shares on preferential allotment as well as rights basis.

The board cleared a resolution to issue and allot 20-lakh equity shares of Rs 10 each at Rs 255 per share (including the premium of Rs 245 per share) on preferential basis.

It has also approved a proposal to issue and allot equity shares of Rs 10 each at Rs 100 per share (including the premium of Rs 90 per share) on rights basis in the proportion of one equity share for every 10 equity shares held by the shareholders on the record date as may be fixed by the board of directors.

In a communication to stock exchanges, the company said it would convene an extraordinary general meeting on October 24 to seek the consent of shareholders for the proposed preferential and rights issues.

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