Rei Agro to raise US$150 Million

Rei Agro Ltd has announced that the Board of Directors of the Company at its meeting held on May 16, 2009, inter alia, has given in principal approval for rights issue of the Equity Shares / issue of ADR's / issue of GDR's / Issue of Foreign Currency Convertible Bonds / placement to QIBs to the extent of USD 150 Million or equivalent (approximately).

The Board also approved the Notice of the Extra Ordinary General Meeting to be held on June 19, 2009 for seeking the approval of the shareholders for the above.

The stock was trading at Rs.70.05, up by Rs.7.15 or 11.37%. The stock hit an intraday high of Rs.72 and low of Rs.69.50.

The total traded quantity was 1870 compared to 2 week average of 278621.

Source : Equity Bulls

Keywords