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The board of directors of Emco on Tuesday approved a private placement issue of 24.39 lakh shares of face value ₹2 each at a price of ₹41 a share to EMCO Investments Private Ltd, a promoter group company. Emco had earlier received an approval from its shareholders to allot shares to the promoter group. The stock of Emco closed at ₹38.30, down 0.65 per cent on the BSE.
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