Sheetal Bio Agro Tech Ltd to raise capital

Sheetal Bio Agro Tech Ltd has announced that the Board of Directors of the Company at its meeting held on April 25, 2009, inter alia, has taken the decision to increase authorized share capital of the Company from the existing authorized share capital of Rs 14,00,00,000 (Rupees Fourteen Crores only) to Rs 47,00,00,000 (Rupees Forty Seven Crores only) by issuing 33,00,00,000 (Thirty Three Crores) Equity Shares of Rs 1/- each, subject to consent of shareholders of the Company.

To raise funds by offering, issuing and allotting Rs 33,00,00,000 (Rupees Thirty Three Crores only) on QIP basis, subject to consent of shareholders of the Company.

The Board of Directors of the Company decided that Vitale Bio-Science Ltd will be merger with Sheetal Bio Agro Tech Ltd, subject to approval of shareholders.

To convene Extra Ordinary General Meeting of the Shareholders of the Company on June 05, 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 was trading at Rs.0.46, up by Rs.0.02 or 4.55%. The stock hit an intraday high of Rs.0.46 and low of Rs.0.46.

The total traded quantity was 210 compared to 2 week average of 8104.

Source : Equity Bulls

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