Prakash Industries approves allotment of 1 crore warrants. to raise Rs 500 crore

Prakash Industries Ltd has announced that the Board of Directors of the Company at its meeting held on July 04, 2009, inter alia, has approved the allotment of 1,00,00,000 warrants convertible in to equity shares on preferential basis.

The Board approved raising of long term funds to meet the capital expenditure requirement of the Company for its proposed expansion in the power and steel capacities. The funds are proposed to be raised through various options by way of issuance of FCCBs / ADRs / GDRs / Equity Shares or any other securities convertible into Equity Shares for an amount not exceeding Rs 500 crores in accordance with the Guidelines prescribed by various statutory authorities.

The Board also approved notice for convening the Annual General Meeting of the Company on August 01, 2009.

The stock was trading at Rs.117.95, up by Rs.3.05 or 2.65%. The stock hit an intraday high of Rs.119 and low of Rs.117.05.

The total traded quantity was 25290 compared to 2 week average of 146444.

Source : Equity Bulls

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