Kalindee Rail Nirman Engineers to raise US$ 40 Million

Kalindee Rail Nirman Engineers Ltd has announced that the Board of Directors of the Company at its meeting held on February 10, 2009, inter alia, has approved raising of Further money in Form of GDR / Private Placement / Convertible Warrants upto US $ 40.00 Million at a price to be determined in terms of applicable guidelines and subject to necessary approval of statutory authorities.

In this connection the Board has authorised Chairman cum Managing Director and Company Secretary to do the needful including seeking necessary approval of Shareholders.

The stock was trading at Rs.158.15, up by Rs.10.60 or 7.18%. The stock hit an intraday high of Rs.174.55 and low of Rs.150.90.

The total traded quantity was 922507 compared to 2 week average of 44942.

Source : Equity Bulls

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