PSL to raise US$125 Million

PSL Ltd has announced that the Board of Directors of the Company at its meeting held on December 14, 2007, has recognized the need of the Company to raise the long term funds of the Company upto US$ 125 million. The Board has given its approval to raise this money by way of issuance of appropriate securities (including the shares under QIP scheme and / or issuance of Foreign Currency Convertible Bonds (FCCBs)). The Board has also decided to call an Extra ordinary General Meeting on January 17, 2008 to enable the shareholders to consider and approve the said issuance of securities and to also consider and pass the necessary resolution.

Source : Equity Bulls

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