Gitanjali Gems Ltd to seek shareholders nod for raising Rs. 175 crores

The Board of Directors of Gitanjali Gems Ltd at its meeting held on August 01, 2014, has proposed to seek approval of shareholders of the Company through postal ballot pursuant to section 110 of companies act, 2013 for the proposal to raise funds upto Rs. 175 crores by issue of Convertible Warrants to persons other than Promoters by way of preferential allotment in accordance with provisions of Companies Act, 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable statutory provisions.

The Board also sought nod for the proposal to borrow upto a limit of Rs. 10,000 crores pursuant to provisions of section 180(1)(c) of the Companies Act, 2013, for creation of charge /hypothecation/mortgage of movable and immovable properties of the Company under Section 180(1)(a) of Companies Act, 2013 upto a limit not exceeding Rs. 10,000 crores and to make loans(s) and/or give any guarantee(s) / provide any security(ies) under section 186 of Companies Act, 2013 upto a limit not exceeding Rs. 7,500 crores.

Shares of GITANJALI GEMS LTD. was last trading in BSE at Rs.69.1 as compared to the previous close of Rs. 70.8. The total number of shares traded during the day was 219830 in over 3591 trades.

The stock hit an intraday high of Rs. 70.9 and intraday low of 68.65. The net turnover during the day was Rs. 15352867.

Source : Equity Bulls

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