Sesa Goa to raise upto Rs 6000 crore

Sesa Goa Ltd has announced that the Board of Directors of the Company at its meeting held on September 24, 2009, has also approved the Capital Expenditure proposal of Rs. 605 crores (US$ 125 million) for increasing the capacity Pig Iron plant by 3,75,000 MTPA along with expansion of Met Coke Plant and setting up Waste Heat Recovery Power Plant.

The Board approved proposal for convening of Extraordinary General Meeting on October 20, 2009, to seek approval of shareholders under Sections 81(1A),293(1)(a)and 293(1)(d) of the Companies Act, 1956 for fund raising upto Rs 6000 Crore in the form of Foreign Currency Convertible Bonds (FCCB), Qualified Institutional Placements (QIPs) to Qualified institutional bidders (QIBs), American depository receipts (ADR), Global depository receipts (GDR), non convertible debentures, warrants or any other security as per the statutory regulations prevailing at the time when the transaction is entered into.

The stock was trading at Rs.260.60, down by Rs.11.50 or 4.23%. The stock hit an intraday high of Rs.271 and low of Rs.260.10.

The total traded quantity was 1196420 compared to 2 week average of 3222472.

Source : Equity Bulls

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