Sheetal Bio Agro to consider raising funds on Aug 31, 2009

Sheetal Bio Agro Tech Ltd has announced that a meeting of the Board of Directors of the Company will be held on August 31, 2009, to consider raising further capital requirement of Rs 65.00 crores, which was earlier approved by the Shareholders for Rs 33.00 Crores, for expansion purpose.

The Board will consider raising 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 Board will give the authorities to any persons / officials for handling the Research & Development Center to be establish by the Company.

The stock was trading at Rs.1, down by Rs.0.01 or 0.99%. The stock hit an intraday high of Rs.1.05 and low of Rs.0.99.

The total traded quantity was 34495 compared to 2 week average of 190680.

Source : Equity Bulls

Keywords