Kanchi Karpooram Ltd board approves warrants issue at Rs. 360

The Board of Directors of Kanchi Karpooram Ltd met today and approved the fund raising proposals, which are subject to the approval of the shareholders in the ensuing AGM.

The board approved proposal to increase the Authorised Share capital of the Company from Rs 5,00,00,000/- (Rupees Five Crores only) to Rs 7,00,00,000/- (Rupees Seven Crores only).

The board approved proposal to amend the Memorandum of association subject to the approval of increase in authorised share capital.

The board approved proposal to allot 222220 warrants at a price of Rs. 360 to the investors on preferential basis, which are convertible into equity shares within 18 months from the date of allotment of the Warrants, in one or more tranches, for cash. Through this the company will raise Rs. 7,99,99,200.

Shares of Kanchi Karpooram Ltd was last trading in BSE at Rs.466.85 as compared to the previous close of Rs. 444.65. The total number of shares traded during the day was 57938 in over 514 trades.

The stock hit an intraday high of Rs. 466.85 and intraday low of 432.1. The net turnover during the day was Rs. 26930737.

Source : Equity Bulls

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