Spanco to raise Rs 50 crores

Spanco Ltd has announced that the Board of Directors of the Company at its meeting held on March 17, 2009, inter alia, has approved the proposal for fund raising of Rs 50 Crores for the long term working capital requirements of the Company.

The company is planning an issue of Equity Shares of the Company of Rs 30 Crores on preferential basis to Promoters/ Existing or new Investors / Financial Institutions etc. to be decided at the Board Meeting to be held at a later date.

The Board approved issue of Equity Shares of the Company of Rs 20 Crores on rights basis to the equity shareholders of the Company and the modalities of Rights issue will be decided at the Board Meeting to be held at a later date.

The stock closed the day at Rs.21.60, up by Rs.1.05 or 5.11%. The stock hit an intraday high of Rs.23.65 and low of Rs.21.25.

The total traded quantity was 100927 compared to 2 week average of 100124.

Source : Equity Bulls

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