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The Board of Autoline Industries on Wednesday approved a proposal to issue fresh equity shares of the company on preferential basis to its promoters — Shivaji Akhade and Sudhir Mungase — and to IndiaNivesh Capitals, for ₹24.25 crore, in aggregate. The allotment includes conversion of lender’s part of debt of ₹8.15 crore into equity shares to support the increased business volume of the company, at an issue price of ₹65 a share or at such higher price as may be determined by SEBI norms. Shares of Autoline Industries gained 1.72 per cent at ₹62.25 on the BSE.
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