Sanraa Media to raise funds in overseas, local markets

Sanraa Media Ltd has announced that the Board of Directors of the Company at its meeting held on September 04, 2009, inter alia, have decided to issue GDR / ADR / FCCB and other instruments not exceeding US $ 30 Million subject to approval of Shareholders in General Meeting and other authorities as an enabling resolution to find the best possible way to raise funds to meet the new project as well as in expansion of existing business.

The Board approved proposal to Raise finds through Rights issue / Public Issue / Preferential Issue for an amount not exceeding Rs 200 Crores subject to approval of shareholders in General Meeting and other authorities as an enabling resolution towards its above mentioned endeavors.

The Board also approved proposal to issue shares, subject to the approval of shareholders and other authorities as an enabling resolution under Employees Stock Option Scheme / Employee Stock Purchase Scheme.

The stock was trading at Rs.1, up by Rs.0.04 or 4.17%. The stock hit an intraday high of Rs.1 and low of Rs.0.97.

The total traded quantity was 17692489 compared to 2 week average of 5919212.

Source : Equity Bulls

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