Praj Industries to raise US$ 125 Million

Praj Industries Ltd has announced that the Board of Directors of the Company at its meeting held on July 28, 2007, inter alia, has approved, in principle, a fund raising exercise not exceeding USD 125 Million for the purpose of financing the Company's growth and expansion plans including strategic acquisition abroad. The Management will explore various options before finalizing the means of raising such funds.

Further the Company has informed that, Mr. Rakesh Jhunjhunwala has resigned from the directorship of the Company and the casual vacancy arising therefrom has been filled in by appointing his partner, Mr. Utpal Sheth, as director of the Company. He will be a non - executive director on the Board.

The stock closed on Friday at Rs.218.80, up by Rs.4.10 or 1.91%. The total traded quantity was 972276 compared to 2 week average of 645533. The stock hit an intraday high of Rs.224.40 and low of Rs.207.

Source : Equity Bulls

Keywords