Rishabhdev Technocable Ltd to raise Rs. 100 crores

The Board of Directors of Rishabhdev Technocable Ltd at its meeting held on October 21, 2014, has considered and approved the proposal to raise additional Capital not exceeding INR 100 Crores by the way of QIP / Warrants / FCCB/ FCEB / Private Placements / GDR.

The Board approved the sale of Silvassa surplus Part / Full land & building to the specified buyers as finalized, identified and negotiated in the terms of best price, the Company will continue its high profit special custom engineered cables of international standard cables business in which we are one of the most renowned and specialized in particular segment from last 20 years and have been serving to more than 500 customers as their preferred cables source. The Proceedings of sale shall be utilized for payments to the Company's esteemed Bankers & the excess funds will be utilized for working capital of the ongoing cable business of the Company.

The Board approved proposal to adopt the draft of Article of Association of the Company pursuant to the provisions of section 14 and all other applicable provisions of the Companies Act, 2013.

The Board approved the proposal to increase the Borrowing powers from INR 100 Crores to INR 200 Crores and fix the date for sending Notice of General Meeting by Postal Ballot by physically and evoting to approve all the above business.

Shares of RISHABHDEV TECHNOCABLE LTD. was last trading in BSE at Rs.3.04 as compared to the previous close of Rs. 3.19. The total number of shares traded during the day was 40153 in over 33 trades.

The stock hit an intraday high of Rs. 3.04 and intraday low of 3.04. The net turnover during the day was Rs. 122065.

Source : Equity Bulls

Keywords