Bombay Rayon to issue 1.8 crore shares to raise Rs 333 Crores

Bombay Rayon Fashions Ltd has announced that the Board of Directors of the Company at its meeting held on March 24, 2009, inter alia, has considered and approved the issue of 1,80,00,000 Equity Shares of Rs 10/- each fully paid up representing 20.67% of the enhanced Equity Capital on preferential allotment basis to AAA United B.V., a private limited liability Company constituted under the laws of The Netherlands for cash at a premium of Rs 175 per Equity Share aggregating Rs 333,00,00,000 (Rupees Three Hundred Thirty Three Crores only).

The Proposed issue is to be augment working capital requirements, finance / acquisition for new projects & businesses and other Corporate purposes. The aforesaid proposed issue of Equity Shares shall be in accordance with the SEBI Guidelines for Preferential Issues.

The aggregate investments limits by FIIs / Sub-accounts in the Company shall be 26% of the total paid up Equity Capital of the Company.

The Draft Notice convening Extra-Ordinary General Meeting was also approved in the meeting.

The stock was trading at Rs.147.10, up by Rs.2.55 or 1.76%. The stock hit an intraday high of Rs.156.85 and low of Rs.146.10.

The total traded quantity was 894687 compared to 2 week average of 660975.

Source : Equity Bulls

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