Unitech to raise capital through preferential issue

Unitech Ltd has announced that the Board of Directors of the Company at its meeting held on May 18, 2009, inter alia, has approved the proposals to raise capital subject to the requisite approvals.

The Board approved raising of additional long-terms funds through issuance of further securities in the Company.

The Board approved issue Warrants in the Company to the Promoter(s) on preferential basis in terms of Chapter XIII of the SEBI (Disclosures & Investor Protection) Guidelines, 2000.

The Board has also decided to convene the Extra-ordinary General Meeting of members of the Company to obtain their necessary approvals to the above proposals.

The stock was trading at Rs.70.35, up by Rs.6.25 or 9.75%. The stock hit an intraday high of Rs.72.90 and low of Rs.58.60.

The total traded quantity was 22606569 compared to 2 week average of 20904898.

Source : Equity Bulls

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