Shri Lakshmi Cotsyn to seek EGM approval for fund raising proposal

Shri Lakshmi Cotsyn Ltd has announced that the Board of Directors of the Company at its meeting held on May 31, 2007, has decided to issue Foreign Currency Convertible Bonds (FCCB) / Global Depositary Receipts (GDRs) and / or American Depository Receipts (ADRs) for an aggregate sum of US $ 20 million subject to the approval of the members at an Extra-Ordinary General Meeting in accordance with provisions of Section 81(1A) and other applicable provisions if any of the Companies Act, 1956 as also provisions of any other applicable laws, rules and regulations and the provisions of Memorandum & Articles of Association of the Company and the Listing Agreement and subject to such other approvals / consent of the Government of India (GOI), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) etc.

For that purpose the Board has approved a draft notice of Extra-Ordinary General Meeting scheduled to be held on June 25, 2007.

The stock closed the day at Rs.105.60, up by Rs.0.40 or 0.38%. The stock hit an intraday high of Rs.108.95 and low of Rs.104. The total traded quantity was 75341 compared to 2 week average of 68060.

Source : Equity Bulls

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