Sujana Towers to raise funds through issue of securities

Sujana Towers Ltd has announced that the Board of Directors of the Company at its meeting held on September 03, 2007, inter alia, has approved the following, subject to the approval of members:

1. Resolution for increase of Authorised Share Capital of the Company from Rs 26.05 Crores to Rs 50.00 Crores.

2. Resolution for Issue of Foreign Currency Convertible Bonds (FCCBs) to the extent of US$ 60.00 Millions.

3. Resolution for Issue of Compulsorily Convertible Warrants of 80,00,000 to the Promoters Group through Preferential Issue.

4. Resolution for increasing the borrowing powers of the Company upto Rs 500.00 Crores.
5. Resolution for Issue of Optionally Fully Convertible Debentures of Rs 800.00 Lakhs to IFCI Ltd, Hyderabad.

The stock was trading at Rs.147, up by Rs.0.65 or 0.44%. The stock hit an intraday high of Rs.151 and low of Rs.145. The total traded quantity was 146278 compared to 2 week average of 439736.

Source : Equity Bulls

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