Electrotherm India Ltd EGM approves fund raising proposal

Electrotherm India Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 28, 2008, have approved to raise funds through Qualified Institutions Placement (QIP) for an aggregate sum not exceeding Rs 300 Crores.

To raise funds through Preferential Allotment of Equity Shares for an amount not exceeding Rs 82 Crores.

To increase Borrowing limits upto a sum of Rs 2500 Crores.

The stock was trading at Rs.449, up by Rs.27.05 or 6.41%. The stock hit an intraday high of Rs.452 and low of Rs.430.

The total traded quantity was 3324 compared to 2 week average of 9774.

Source : Equity Bulls

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