Aditya Birla Nuvo to raise Rs 4000 Crores

Aditya Birla Nuvo Ltd has announced that the Company needs to augment funds to meet its investments / capital expenditure for its existing as well as new growth opportunities. To enhance its long term financial resources and thereby strengthening the financial structure, the Company has been exploring various options for raising funds.

The Board of Directors of the Company, at its meeting held on January 09, 2008, subject to necessary approval(s), has approved the proposal for raising over Rs 4000 crores in next 18 months through preferential offer to promoters at a price determined as per the applicable SEBI guidelines. It is proposed to issue 2.05 crores Warrants to promoter / promoter group, the holder thereof will get one Equity Share of Rs 10 each of the Company against each warrant in 18 months from the date of allotment.

Accordingly, the Board has also decided to call an Extra Ordinary General Meeting of the Company on February 06, 2008 for obtaining the approval of the shareholders to the said preferential issue.

The stock closed the day at Rs.2314.30, up by Rs.182.55 or 8.56%. The stock hit an intraday high of Rs.2419.60 and low of Rs.2022.10.

The total traded quantity was 57592 compared to 2 week average of 26996.

Source : Equity Bulls

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