United Phosphorus to raise funds

United Phosphorus Ltd has announced that the Board of Directors of the Company at its meeting held on September 14, 2007, inter alia, has taken the following decisions:

1. Raise further equity by way of preferential issue of 3,11,70,000 warrants exercisable into equal number of equity shares of Rs 2 each of the Company to the Promoters as per SEBI guidelines for Preferential Issues, subject to shareholders approval. An amount equivalent to 10% of the price would be paid on allotment of warrants and the remaining 90% would be paid at the time of subscription to equity shares on exercise of rights attached to the warrants within a period of 18 months.

2. Issue of Equity shares / FCCBs / GDRs / any other permissible instruments convertible into equity shares up to US $ 500 million to Qualified Institutional Buyers (QIBs) as per SEBI Guidelines for Qualified Institutional Placement (QIPs) or to any other non resident investors / FIIs through private placement, in one or more tranches, subject to shareholders approval.

The Stock was trading at Rs.362.75, up by Rs.10.25 or 2.91%. The stock hit an intraday high of Rs.368 and low of Rs.350. The total traded quantity was 187673 compared to 2 week average of 201909.

Source : Equity Bulls

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