Varun Shipping to raise Rs.2500 Crores, increase FII limit to 49%

Varun Shipping Company Ltd has announced that the Board of Directors of the Company at its meeting held on August 14, 2006, has considered and recommended to the shareholders the following:

1. Issue of various securities through domestic / international offerings upto an amount of Rs 25,000 million.

2. Increase in the limit of investment by SEBI registered Foreign Institutional Investors and its sub-accounts in the Company upto 49%.

3. Delisting of equity shares from Ahmedabad Stock Exchange Ltd, Ahmedabad, The Calcutta Stock Exchange Association Ltd, Kolkatta and The Delhi Stock Exchange Association Ltd, New Delhi.

Source : Equity Bulls

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