MVL to raise Rs 400 crore

MVL Ltd has announced that the Board of Directors of the Company at its meeting held on April 27, 2009, for issue of Non Convertible Debentures (NCD) to Institutional Investors / Mutual Funds / bodies corporate on private placement basis, it was decided that the Company can raise the funds to the tune of Rs 400 Crores by preferential allotment to Institutional Investors / Mutual Funds / bodies corporate to finance its expansion plan.

The Stock closed the day at Rs.86, up by Rs.3 or 3.61%. The stock hit an intraday high of Rs.86.80 and low of Rs.82.50.

The total traded quantity was 7563 compared to 2 week average of 10251.

Source : Equity Bulls

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