Bombay Rayon Fashions Ltd approves isue of 56321428 shares

The Board of Directors of Bombay Rayon Fashions Ltd at its meeting held on May 02, 2016, has approved the issue of up to 56,321,428 Equity shares of face value of Rs. 10/- each at a price of Rs. 165.88 per share aggregating to Rs. 9,342,598,477/- on preferential basis to the CDR lenders on conversion of Working Capital Term Loan ("WCTL") and Funded Interest Term Loan ("FITL") into equity share capital subject to the approval of the Members of the Company by passing special resolution which shall be in supersession to the earlier resolution passed by the Members at their Extra-Ordinary General Meeting held on April 27, 2016.

The Board approved calling and convening Extra-Ordinary General Meeting of the Company at shorter notice for seeking approval of the Members for issue up to 56,321,428 Equity shares of face value of Rs. 10/- each at a price of Rs. 165.88 per share aggregating to Rs. 9,342,598,477/- on Preferential basis to the CDR lenders on conversion of Working Capital Term Loan ("WCTL") and Funded Interest Term Loan ("FITL") into equity share capital.

Shares of BOMBAY RAYON FASHIONS LTD. was last trading in BSE at Rs.145.7 as compared to the previous close of Rs. 144.1. The total number of shares traded during the day was 27609 in over 750 trades.

The stock hit an intraday high of Rs. 151 and intraday low of 141.7. The net turnover during the day was Rs. 4070181.

Source : Equity Bulls

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