ECE Industries announced that the board of directors of the company at its meeting held on Oct. 31, 2008 has approved the plan to offer and issue shares or other securities on right basis for an aggregate amount not exceeding Rs 500 million subject to approval of applicable provisions and regulations.

With this offer, the company proposes to increase the authorized share capital from Rs 150 million to Rs 21 million consisting of 15,000,000 equity shares of Rs 10 each amounting to Rs 150 million and 6,000,000 preference shares of Rs 10  each amounting to Rs 60 million, subject to the approval of shareholders.

The company also said that it will shift the registered office of the company from Delhi to Sonepat (Haryana), with the necessary approval from the shareholders and Company Law Board and such other provisions as may be necessary.

ECE Industries is mainly engaged in the manufacturing and selling of meters, transformers, elevators, switchgear. It is also engaged in the contracts of railway electrification and road construction.

Shares of the company gained Rs 0.15, or 0.14%, to settle at Rs 107. The total volume of shares traded was 879 at the BSE (Friday).