Karma Ispat to raise Rs 6 Crores

Karma Ispat Ltd has announced that the Board of Directors of the Company at its meeting held on February 16, 2009, has approved the proposal for raising of capital upto Rs 6 crores for the expansion plan and working capital requirements of the Company through preferential issue of 15,00,000 Convertible warrants of Rs 38/- each (1 convertible warrant of Rs 38/- each convertible into 1 equity share of Rs 10/- each at a premium of Rs 28/- per share) to Mrs. Bhavna Mehta belonging to the promoter group subject to the approval of the shareholders.

The date of the Extra Ordinary General meeting of the shareholders of the Company to consider the above items has been fixed for March 16, 2009.

The stock was trading at Rs.34.85, up by Rs.1.65 or 4.97%. The stock hit an intraday high of Rs.34.85 and low of Rs.34.85.

The total traded quantity was 2000 compared to 2 week average of 2045.

Source : Equity Bulls

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