Radhe Developers approves preferential issue

Radhe Developers India Ltd has announced that the Board of Directors of the Company at its meeting held on September 02, 2009, inter alia, has decided to raise funds for the capital expenditure purpose through Qualified Institutional Placement (QIP) and Global Depository Receipts (GDR), subject to the regulatory sanctions, approvals and consents. However total amount proposed to be raised through Qualified Institutional Placement (QIP) and Global Depository Receipts (GDR) shall not exceed Rs 500 Crores.

The Board has decided to appoint Merchant Bankers and for the purpose to discuss with the various merchant bankers for the same.

The Board will undertake new residential / commercial projects in all cities of India and also to enter into joint venture or takeover of any residential / commercial projects.

The Board will initiate the steps for the development of Logistics Park of International Standard to be developed on 100 acres land at Ahmedabad - Sanand / Kandla Road.

The stock was trading at Rs.6.92, down by Rs.0.29 or 4.02%. The stock hit an intraday high of Rs.7.54 and low of Rs.6.90.

The total traded quantity was 841483 compared to 2 week average of 1046476.

Source : Equity Bulls

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