DCW said Wednesday the board of directors decided to issue up to 7.10 million equity shares on preferential basis of Rs 2 each to the promoter group.

The share issue price will be fixed as per the Guidelines for preferential issues under SEBI (Issue of Capital & Disclosure Requirements Regulations, 2009).

The board also decided to hold the annual general meeting of the company on Aug. 13, 2014.

Shares of the company declined Rs 0.45, or 1.89%, to trade at Rs 23.40 at the BSE (2.50 p.m., Wednesday).