The company board is meeting on September 30 to approve the preferential allotment. The price at which the promoter is picking up the stake is even higher than the 52-week of Rs 19.9. After the preferential allotment, the paid-up capital of Jay Yushin will go up from Rs 3.57 crore to Rs 3.86 crore. According to a company source, the fresh infusion of equity is for expansion purposes.

The share has been trading below par for quite some time. In the past six trading sessions, the scrip has shot up from Rs 8 to the current level of Rs 10. The foreign promoter plans to consolidate its stake could infuse a fresh lease of life into the JayYushin counter on the BSE. Jay Yushin is into the manufacture of door locks, door guard and door latch, key sets, combination switch and heater control. The company has come out with an impressive performance for fiscal 1998 compared with fiscal 1997. For the fiscal 1998, the company has recorded turnover growth of 133 per cent from Rs 17.95 crore in fiscal 1997 to Rs 42.92 crore in fiscal 1998.