Elder Pharmaceuticals to raise funds through ECB

Elder Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on July 24, 2007, inter alia, has decided to accept the resignation of Mr. V N Paranjpe as Joint Managing Director. The Board also decided to raise funds through ECB and / or issuance of FCCBs upto an amount of 50 Million US dollars for acquisition opportunities / capex and authorized the Managing Director to take necessary steps and actions thereon including convening of Extra Ordinary General Meeting.

The stock closed the day at Rs.422.25, down by Rs.8.55 or 1.98%. The total traded quantity was 11337 compared to 2 week average of 13962. The stock hit an intraday high of Rs.437 and low of Rs.420.

Source : Equity Bulls

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