Kwality Ltd clarifies on stake sale

Kwality Ltd has clarified with reference to the news item appearing in the newspaper titled "Kwality eyes stake sale to raise Rs. 500 Cr".

The company has clarified that there had been no discussion with Rabo Equity Advisors in recent months to offload our stake, Mr. Sidhant our ED has also declined any comment on the news terming it as market speculation as per paragraph two of the said article.

The company is in phase of expansion, and is scouting various opportunities to raise funds through debt/ equity. But so far nothing has been finalized. We are speaking to some funds/investors but these discussions are at early stage and no negotiations have happened or proposal for investment has been received.

In this context the company has mentioned that a special resolution under Section 81 (1A) has been passed by the shareholders in the Annual General Meeting held on September 30, 2013 to raise the funds through various instruments including equity to the extent of Rs. 1000 crores, which was intimated to the exchange within time limit.

Shares of Kwality Ltd was last trading in BSE at Rs.33.95, up by Rs.0.10 or 0.30%. The stock hit an intraday high of Rs.34.50 and intraday low of Rs.33.65.

The total traded quantity was 0.75 lakh shares as compared to 2 week average of 1.34 lakh shares.

Source : Equity Bulls

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