Sujana Towers to raise $24 million

Sujana Towers Ltd has announced that the Board of Directors of the Company at its meeting held on September 22, 2009, inter alia, has considered and approved the issue of Global Depository Receipts (GDRs) to an extent of US $ 12 million.

The Board also approved issue of Foreign Currency Convertible Bonds (FCCBs) to an extent of US $ 12 million and further issue of equity shares/convertible warrants of the Company to Promoters and Non-Promoters under Section 81(1A) of the Companies Act, 1956 by way of Preferential Issue to an extent of Rs. 10 crores.

The Board also approved the draft notice for the Extraordinary General Meeting of the Company and to fix the date, venue therefor.

The stock closed the day at Rs.36.05, up by Rs.1.70 or 4.95%. The stock hit an intraday high of Rs.36.05 and low of Rs.34.05.

The total traded quantity was 209290 compared to 2 week average of 158086.

Source : Equity Bulls

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