Lok Housing EGM approves fundraising proposal

Lok Housing & Constructions Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on July 07, 2008, inter alia, have approved to raise US $ 200 Millions from foreign market through Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Other Financial Instruments (OFIs) / Foreign Currency Convertible Bonds (FCCBs), etc.

To raise Rs 840 Crores from local market under Qualified Institutional Placement (Q.I.P.) mode.

The stock was trading at Rs.41.95, down by Rs.2.40 or 5.41%. The stock hit an intraday high of Rs.43.50 and low of Rs.41.

The total traded quantity was 228869 compared to 2 week average of 601464.

Source : Equity Bulls

Keywords