Rana Sugars to allot warrants, GDRs

Rana Sugars Ltd has announced that the Board of Directors of the Company at its meeting held on January 09, 2009 has approved the fund raising proposal.

The company is planning for an issue of 4,00,00,000 warrants at a price of Rs 11.50 per warrant convertible into equity shares of Rs 10/- per share with a premium of Rs 1.50 per share to the Promoters/ Other Investors on preferential basis.

The company is also planning for an issue of Global Depositary Receipts (GDRs) convertible into equity shares for 6,00,00,000 equity shares at price to be fixed as per SEBI guidelines.

The stock closed the day at Rs.8.44, down by Rs.0.41 or 4.63%. The stock hit an intraday high of Rs.8.50 and low of Rs.8.41.

The total traded quantity was 37312 compared to 2 week average of 79697.

Source : Equity Bulls

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