Sarang Chemicals to consider raising funds on Aug 31, 2009

Sarang Chemicals Ltd has announced that a meeting of the Board of Directors of the Company will be held on August 31, 2009, inter alia, to consider raising further capital requirements of Rs 70.00 crores, which was earlier approved by the Shareholders for Rs 35.00 crores, for expansion purpose.

The board will consider raising of funds by way of issue of Global Depository Receipts (GDR) / American Depository Receipts / Foreign Currency Convertible Bonds (FCCB) and other securities, subject to necessary sanctions, approvals and applicable provisions of law or by way of issue of Securities to Qualified Institutional Placement (QIP) subject to necessary sanctions, approvals and applicable provisions of law.

The stock was trading at Rs.0.94, down by Rs.0.01 or 1.05%. The stock hit an intraday high of Rs.0.96 and low of Rs.0.94.

The total traded quantity was 60099 compared to 2 week average of 228209.

Source : Equity Bulls

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