SAAG RR Infra to get funds from parent company

SAAG RR Infra Ltd has announced that the Board of Directors of the Company at its meeting held on July 05, 2009, favoured the option of raising funds through rights issue. A final decision in this regard will be taken in due course. SAAG Consolidated (M) Bhd, the parent Company, in order to re-affirm its commitment has agreed to infuse additional funds. In view of the above, SAAG Consolidated (M) Bhd through its wholly owned subsidiary SAAG (Mauritius) Ltd, would remit INR 5 crores (approximately) as share application money. The Board of Directors of SAAG RR Infra Ltd, has passed a resolution to open a separate bank account for this purpose. On finalization of the funding mechanism the same will be allotted.

The stock was trading at Rs.18.50. The stock hit an intraday high of Rs.18.50 and low of Rs.18.50.

The total traded quantity was 500 compared to 2 week average of 11334.

Source : Equity Bulls

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