Zuari Agro Chemicals Ltd approves raising of Rs. 400 crores

The Board of Directors of Zuari Agro Chemicals Ltd at its meeting held on January 22, 2015, approved, subject to the approval of the shareholders of the Company raising of an amount upto Rs. 400 (Four Hundred) crores through further issue of securities including Equity Shares, by way of a QIP under applicable provisions of the Companies Act, 2013, Rules, Regulations, Guidelines and Circulars issued by the Securities and Exchange Board of India, Listing Agreement entered into with the Stock Exchanges where the equity shares of the Company are listed and all other statutory approvals, if any.

The Proceeds from QIP shall be utilized for substantial revamp of existing manufacturing capacities and towards strategic investment/acquisitions.

Shares of ZUARI AGRO CHEMICALS LTD. was last trading in BSE at Rs.289.95 as compared to the previous close of Rs. 279.4. The total number of shares traded during the day was 4425 in over 601 trades.

The stock hit an intraday high of Rs. 292.7 and intraday low of 281.95. The net turnover during the day was Rs. 1265613.

Source : Equity Bulls

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