Sarang Chemicals to raise funds

Sarang Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on April 20, 2009, inter alia, has decided to increase authorized share capital of the Company from the existing authorized share capital of Rs 17,50,00,000, (Rupees Seventeen Crores Fifty Lakhs only) to Rs 52,50,00,000 (Rupees Fifty Two Crores Fifty Lakhs only) by issuing 35,00,00,000 (Thirty Five Crores) Equity Shares of Rs 1/- each, subject to consent of shareholders of the Company.

The company will raise fund by offering, issuing and allotting Rs 35,00,00,000 (Rupees Thirty Five Crores only) on QIP basis, subject to consent of shareholders of the Company.

The Board of Directors of the Company decided that Hirak Biotech Ltd. will be merger with Sarang Chemicals Ltd., subject to approval of shareholders.

To convene Extra Ordinary General Meeting of the Shareholders of the Company on June 01, 2009.

The Draft notice for Extra Ordinary General Meeting is duly approved by the Board of Directors and authorize any of the Director of the Company to issue Notice of Extra Ordinary General Meeting of the Company.

The stock closed the day at Rs.0.75, up by Rs.0.03 or 4.17%. The stock hit an intraday high of Rs.0.75 and low of Rs.0.75.

The total traded quantity was 615101 compared to 2 week average of 392453.

Source : Equity Bulls

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