Peninsula Land to issue shares, raise capital

Peninsula Land Ltd has announced that the Board of Directors of the Company at its meeting held on June 24, 2009, inter alia, have approved a proposal to raise further capital by way of issue of equity shares of face value of Rs 2 each subject to a ceiling that the number of equity shares to be issued shall not exceed 6 crores shares and the aggregate amount to be raised shall not exceed Rs 750 crores.

The above capital is proposed to be raised by way of Qualified Institutional Placement / ADRs / GDRs / FCCBs, etc., under the provisions of Section 81(1A) of the Companies Act, 1956 and other app laws / regulations to augment the long term resources of the Company.

The stock closed the day at Rs.68.70, up by Rs.2.35 or 3.54%. The stock hit an intraday high of Rs.69.30 and low of Rs.66.45.

The total traded quantity was 48846 compared to 2 week average of 119365.

Source : Equity Bulls

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