LKP Finance to raise Rs 8.73 crore

LKP Finance Ltd has announced that the Board of Directors of the Company at its meeting held on July 27, 2009, inter alia, has considered and approved to raise long term funds through issue of 7,27,500 (Seven Lacs Twenty Seven Thousand Five Hundred Only) 7% Compulsorily Convertible Debentures at a price Rs 120/- each fully paid-up, on preferential allotment basis to Strategic Investor(s) for aggregate amount of Rs 8,73,00,000/-, subject to necessary permissions, approvals and applicable provisions of law.

Further the Company has informed that the Board of Directors has also approved the issue of the Notice to the shareholders of the Company seeking their approval to the aforesaid proposal by a Special Resolution to be considered by them through Postal Ballot.

The stock closed the day at Rs.85, down by Rs.1 or 1.16%. The stock hit an intraday high of Rs.88 and low of Rs.85.

The total traded quantity was 1044 compared to 2 week average of 880.

Source : Equity Bulls

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