Nagarjuna Construction to raise upto Rs 550 crore

Nagarjuna Construction Company Ltd has announced that the Board of Directors of the Company at its meeting held on June 29, 2009 has accorded in principle approval for issue of Equity Shares / Securities to the Qualified Institutional Buyers (QIBs) through Qualified Institutional Placement (QIP) under Chapter XIIIA of the SEBI (DIP) Guidelines, 2000, for an amount not exceeding Rs 550 crores (Five Hundred and Fifty Crores only) including a Green Shoe Option to retain upto Rs 50 crores (Rupees Fifty Crores only) from the excess subscription if any received, subject to the approval of Shareholders of the Company at the ensuing Annual General Meeting scheduled to be held on July 30, 2009.

The stock closed the day at Rs.142.80, up by Rs.6.45 or 4.73%. The stock hit an intraday high of Rs.146.50 and low of Rs.137.50.

The total traded quantity was 1208137 compared to 2 week average of 421310.

Source : Equity Bulls

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