Bombay Rayon Board approves issue of shares to QIBs, to increase FII limit to 40%

Bombay Rayon Fashions Ltd has announced that the Board of Directors of the Company at its meeting held on December 08, 2006 inter alia, has considered / approved following:

1. Draft Preliminary Placement Document in accordance with the resolution passed by the members at the Extra-Ordinary General Meeting held on December 05, 2006 for the proposed issue and allotment of shares to Qualified Institutional Buyers pursuant to SEBI Guidelines for Qualified Institutions Placement.

2. Increase in the Foreign Institutional Investors (FIIs) investment limits upto 40% of the paid up capital of the Company.

3. To convene the ExtraOrdinary General Meeting of the Company to consider and approve the proposal for increase in the investment limits of Foreign Institutional Investor.

Source : Equity Bulls

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