Kuvam International to raise funds

Kuvam International Fashions Ltd has announced that the Board of Directors of the Company at its meeting held on August 29, 2009, inter alia, have approved the Change in Control of Management.

The Board approved to appoint Mr. Bhavesh P Makwana as the Managing Director of the Company and to appoint Mr. Deepak D Rathod as the Joint Managing Director of the Company.

The Board decided to appoint M/s Purva Sharegistry (India) Pvt Ltd as the new Registrar and Share Transfer Agent in place of M/s Skyline Financial Services Pvt Ltd.

The Board approved to increase the Authorised Share Capital of the Company from Rs 5 Crores to 12.5 Crores.

The Company has decided to raise funds for the further expansion plant of the Company via Preferential Issue allotting upto 8000000 Convertible Equity Warrants of Rs 10/- each in various allottees, the pricing of which will be as per the SEBI (DIP) Guidelines.

The Board also decided to establish Corporate office in Mumbai.

The stock was trading at Rs.27.15, up by Rs.1.25 or 4.83%. The stock hit an intraday high of Rs.27.15 and low of Rs.27.15.

The total traded quantity was 100 compared to 2 week average of 11950.

Source : Equity Bulls

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