Shiv Vani Oil to raise funds up to Rs 600 crore

Shiv Vani Oil & Gas Exploration Services Ltd has announced that the Board of Directors of the Company at its meeting held on June 09, 2009, inter alia, has decided to raise funds through issue of equity shares / GDRs / ADRs / FCCBs/ securities with or without detachable warrants with right exercisable by the warrant holders to convert or subscribe to Equity Shares, and / or such other securities for an amount not exceeding Rs 600 Crores or its equivalent in any foreign currency, either through preferential issue and / or qualified institutional placement (QIP) and / or private placement or otherwise.

The Board approved proposal to convene Extra Ordinary General Meeting of the Member of the Company on July 10, 2009, for obtaining their approval in respect to aforesaid issue of securities. The notices of the said Meeting are being sent to Members at their respective address available on records of the Company.

The stock was trading at Rs.315.95, up by Rs.5.65 or 1.82%. The stock hit an intraday high of Rs.325 and low of Rs.299.

The total traded quantity was 106095 compared to 2 week average of 82414.

Source : Equity Bulls

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