Orbit Corporation to raise long term funds upto Rs 500 crore

Orbit Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on June 03, 2009, inter alia, has accorded their approval to fund raising proposal, subject to the approval of the shareholders.

The Board approved raising of additional long term funds through further issuance of securities of the Company, for an amount not exceeding Rs 500 Crores, either through preferential issue and / or Qualified Institutions Placement and / or private placement.

The Board approved issue of preferential allotment of warrants to the Promoters of the Company and issue of Shares under Employee Stock Option Scheme, 2009.

The Extra-ordinary General Meeting of the Company will be held on July 09, 2009, for the approval of the above matters.

The stock was trading at Rs.215.95, up by Rs.10.25 or 4.98%. The stock hit an intraday high of Rs.215.95 and low of Rs.203.55.

The total traded quantity was 293143 compared to 2 week average of 690175.

Source : Equity Bulls

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