Patspin India to raise Rs 7 crore

Patspin India Ltd has announced that the Board of Directors of the Company at its meeting held on June 07, 2009, has approved to issue 7 lakhs Redeemable Preference Shares of Rs 100/- each aggregating Rs 700 lakhs on Preferential basis to the Promoters and its Associates, subject to the approval of the members at the ensuing Annual General Meeting to be held on July 31, 2009. The Company had approached its Banks and Financial Institutions to restructure its terms loans as well as some additional loans under a Debt Realignment Proposal. As per the proposal, the Banks/ Institutions stipulated the Promoters to infuse Rs 700 lakhs as their contribution. The proposed issue of Redeemable Preference Shares is line with the Banks requirements.

The stock closed the day at Rs.8.80, down by Rs.0.44 or 4.76%. The stock hit an intraday high of Rs.9.65 and low of Rs.8.80.

The total traded quantity was 6530 compared to 2 week average of 7545.

Source : Equity Bulls

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