Cubex Tubings to raise funds through issue of securities

Cubex Tubings Ltd has announced that the Board of Directors of the Company at its meeting held on August 11, 2007, inter alia, has decided the following:

1. Issue, offer and allot 20,00,000 Preferential warrants (convertible into Equity shares) face value of Rs 10/- each to the Promoters and Persons other than the promoters, by way of preferential basis, at an price determined in accordance with the Preferential Issue Guidelines given in Chapter 13 of SEBI (DIP) Guidelines, 2000.

2. Issue, offer and allot Foreign Currency Convertible Bonds (FCCBs) and / or Global Depository Receipts (GDRs) and / or American Depository Receipts (ADRs) and / or any securities convertible into equity shares at the option of the Company, which upon conversion of all Securities so issued or allotted could give rise to the issue of an amount (inclusive of such premium as may be determined) up to US $ 10 million.

3. Approval of Annual Report for the year 2006-07.

4. Appointment / Re-appointment of Directors and Statutory Auditor of the Company.

5. Fixing and approval of the date, time and venue of the ensuing AGM and approval of draft Notice.

6. Fixing the Book Closure.

The stock was trading at Rs.73, down by Rs.0.15 or 0.21%. The stock hit an intraday high of Rs.73 and low of Rs.72.60. The total traded quantity was 1452 compared to 2 week average of 19055.

Source : Equity Bulls

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