Welspun-Gujarat EGM approves raising US$ 250 million, raising FII limit to 49%

Welspun-Gujarat Stahl Rohren Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on June 25, 2009, have passed resolutions and authorised the Board to issue securities upto US$250 million or its Indian Rupee equivalent thereof.

The EGM also authorised the Board to permit Foreign Institutional Investors to acquire and hold shares of the Company up to an aggregate limit of 49% of paid up share capital of the Company.

The stock closed the day at Rs.204.30, up by Rs.0.25 or 0.12%. The stock hit an intraday high of Rs.207.90 and low of Rs.200.65.

The total traded quantity was 1928460 compared to 2 week average of 1743938.

Source : Equity Bulls

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